Ian Macalinao Impersonating 11 Developers Create 75% TVL On Solana

Ian Macalinao, the man behind the Saber Labs project on Solana, is said to have built 12 different projects on this blockchain to inflate its value.

According to CoinDesk, 11 “anonymous” developers behind 11 projects on Solana including Sunny Aggregator, Cashio (CASH), Goki, Arrow, etc. are all anonymous from a single person, Ian Macalinao. Ian created the DEX Saber on Solana and impersonated 11 others to build 11 other projects, all using Saber’s liquidity solution.

According to CoinDesk, Ian Macalinao and his brother Dylan Macalinao are the developers behind the following projects on Solana using anonymous identities:

• Saber: AMM platform for stablecoins
• Sunny Aggregator: a liquidity aggregator
• Cashio: centralized fee stablecoin, was attacked in March 2022 with more than 52 million USD in damage, CASH price then fell to 0
• Goki: multi-sig wallet
• Quarry: mining reward aggregator platform
• TribecaDAO: decentralized governance platform
• Crate: tokenize assets
• aSOL: SOL key token
• Arrow: yield farming
• Traction.market: futures options platform
• Sencha: DEX exchange
• Venko App: payment application

All the projects that he creates are linked into an ecosystem, ensuring the money flows back and forth between projects and this will help push the amount of TVL on Solana. Peaking in November 2021, this ecosystem accounts for 7.5/10 billion USD TVL on Solana.

Ian Macalinao’s Non-Public Confession

“I don’t like how Ethereum’s TVL is much higher than Solana’s. I want to do the same thing with Solana. But if an entire ecosystem is built by just one team, it will be very artificial. So I created anonymous identities and built many projects.”

Confession taken from a draft blog by Ian Macalinao

Everything seems to be going well for this guy, but on March 23, 22, Cashio  (1/11 project that Macalinao pretends to create) was attacked by hackers, losing $ 52M, causing Cashio to collapse. Many people who invested in Ian’s projects on Solana have lost their money but have never received any compensation from Ian.

Regarding the reason for composing the confession blog post:

“I am revealing this because sooner or later I will be found out.”

Ian Macalinao wrote

In addition, Ian Macalinao and his 11 other identities often “commit themselves” to each other on social networks to create a sense of interaction for the Ship Capital team. There was once Ian Macalinao used 5 different Twitter accounts in the group Ship Capital to comment on a post in just 4 minutes.

Other projects built by anonymous identities of Ian Macalinao have also applied for Saber’s SBR token to continue their development, essentially “taking the money out of the left pocket”.

And recently, at the beginning of July,  Ian  and Saber Labs  established the  Protagonist 100M$ fund, which once invested in Aptos – the blockchain project canceled by Facebook. This can be seen as Ian’s move from Solana  to Aptos.

Maybe the next name that Ian is aiming for is Aptos, it is best that users pay close attention and be wary of projects built on this blockchain.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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