The US Department of Justice is investigating the two founders of Saber Labs, a Solana-based exchange.
The investigation may increase the longstanding pressure on Solana.
US Department of Justice Puts Founders of the Exchange on Its Radar
According to anonymous sources, the Ministry is investigating Ian Macalinao and Dylan Macalinao, the two names behind Saber Labs, a Solana-based stablecoin exchange.
In August, there were reports that the Macalinao brothers counted their crypto deposits 2-3 times by making token swaps among themselves.
These efforts allegedly boosted Solana’s growth metric by billions during the 2021 bull season. According to Ian, the value of SOL has also increased because of this.
In an unpublished blog post obtained by CoinDesk, Ian said:
“The metric to be optimized in summer 2021 was TVL. TVL can only be counted if the protocols are created separately. That’s why I devised a plan to maximize Solana’s TVL. I set up protocols so that a dollar can be counted multiple times.”
The Macalinao brothers and the Ministry of Justice have not yet made a statement.
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