The United States Department of Justice (DOJ) is reportedly begun an investigation into the founders of Saber Labs, Ian, and Dylan Macalinao, CoinDesk reports citing persons familiar with the matter. The probe surrounds how the brothers used various pseudonym identities to create or rather orchestrate inaccurate crypto gain metrics.
The investigation follows a report from August 2022, in which CoinDesk reported that the brothers used a web of 11 pseudonymous identities to create an “ecosystem of interlocking financial products that double-and triple-counted deposits by passing tokens between themselves.” The report details that their enterprise boosted a key growth metric for Solana by billions during the height of the 2021 bull market. Ian Macalinao also indicated that this inflated the price of SOL – the native token of the Solana ecosystem.
In a never-published blog, Ian wrote:
The metric to optimize for in Summer 2021 was [total value locked (TVL)]. Continuing, “TVL can on
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