US Justice Department Investigates Solana-Based Exchange And Its Founding Siblings

It has been claimed that the US Department of Justice (DOJ) has launched an investigation against Solana (SOL)-based stablecoin exchange Saber Labs and its founders on the grounds of “fake transaction data and artificial volume inflating”.

According to information provided by anonymous sources familiar with the matter, the US Department of Justice is a Solana-based stablecoin exchange. Saber Labslaunched an investigation against the founders of The two brothers behind the Saber Labs project Ian and Dylan MacalinaoHe was reported to be at the center of the investigation.

Allegedly, the Macalinao brothers token swap among themselves increased the trading volumes of Solana and Saber Labs and increased its crypto deposits. misleading data caused it to occur. Also, this “emptyTransfers and transactions boosted Solana’s growth data by billions during the 2021 bull season. According to estimates, this increase in data LEFT positively reflected in the price.

In a text obtained by CoinDesk and allegedly belonging to Ian Macalinao, these statements of the co-founder drew attention:

The metric that needed to be optimized in the summer of 2021 was Total Locked Asset (TVL). TVL only gains account value when protocols are produced separately. At this point I devised a plan to maximize Solana’s TVL. I would create protocols that stack on top of each other in such a way that a dollar can be counted several times.

Authorities, who think that Solana’s TVL may have been artificially increased thanks to this volume-inflating protocol designed by Ian, continue their research. Neither the Macalinao brothers nor the ministry of justice has made an official statement on the subject yet.

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