According to information obtained from two sources close to the subject, the US Department of Justice, Left (LEFT) It is investigating Ian and Dylan Macalinao, the two brothers behind the stablecoin exchange Saber Labs.
Ian Macalinao Accused of Falsifying Total Locked Value (TVL) Data on Solana (SOL)
The investigation, published in August, is based on the Macalinao brothers transferring tokens among themselves. cryptocurrency It followed news that they used a network of 11 fake identities to build an ecosystem of interlocking financial products that doubled and tripled their deposits.
The brothers’ efforts raised one of the key growth metrics for Solana by billions at the height of crypto’s 2021 bull market, and it also raised the price of SOL, according to Ian.
In an unpublished blog post, Ian said:
“The metric that needed to be optimized in Summer 2021 was the total locked value (TVL).
TVL can only be counted if the protocols are built separately, so I devised a plan to maximize Solana’s TVL: I would build protocols that stack on top of each other in such a way that a dollar can be counted several times.”
Investigators are seeking information about the network of cryptocurrency projects that have shaped around Saber. These projects include DeFi yield farming app Sunny Aggregator, as well as Cashio, a stablecoin project that lost millions of dollars in a hack in March. Ian secretly wrote the code for both projects using aliases.
Ian also wrote in his unpublished blog post:
“If an entire ecosystem is built by just a few people, it doesn’t look all that original.
More than 20 different as a single person [sic] Rather than submitting a program, I wanted it to look like a lot of people were developing on our protocol.”
*Not investment advice.
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