The U.S. Department of Justice is investigating Saber developers, who were previously reported to have "faked" 70% of Solana's TVL using 11 fake identities

2023-01-12 08:36:31

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ChainCatcher news, according to a report by CoinDesk citing sources, the U.S. Department of Justice is investigating the Saber developers, brothers Dylan Macalinao and Ian Macalinao, who are involved in cross-chain stablecoin trading protocols within the Solana ecosystem. Sources revealed that investigators are seeking information regarding the network of crypto projects surrounding Saber, including the Solana DeFi liquidity application Sunny Aggregator and the stablecoin project Cashio.

Earlier reports indicated that Saber’s chief architect Ian Macalinao was exposed last August for having 11 fake identities, including Surya Khosla, a developer of the Solana DeFi yield aggregator protocol Sunny, 0xGhostchain, the founder of the Solana algorithmic stablecoin project Cashio, and Goki Rajesh, the founder of the multi-signature wallet Goki. Thanks to the TVL algorithm written by Ian Macalinao, billions of dollars in funds have been counted multiple times within Solana's DeFi ecosystem (at least including Sunny and Saber). Ian Macalinao had previously stated that he believed the explosive growth of TVL triggered a surge in SOL prices. (source link)

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Saber U.S. Department of Justice Solana

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