Inside the Macalinao Brothers' Elaborate Solana Ecosystem Deception

Federal prosecutors are examining the operations of Ian and Dylan Macalinao, the developers behind Saber Labs and its surrounding network of DeFi projects. The investigation centers on how the brothers constructed an intricate web of cryptocurrency protocols connected to the Solana blockchain, using multiple anonymous identities to artificially amplify one of the ecosystem’s most critical performance metrics during the 2021 crypto boom.

The core scheme reveals a sophisticated attempt to manipulate Total Value Locked (TVL)—a measurement that tracks how much capital flows through DeFi platforms. According to internal communications discovered by CoinDesk, Ian Macalinao designed a strategy where tokens could be counted multiple times by routing them through interconnected protocols, each appearing as separate projects operated by different teams. “If an ecosystem is all built by a few people, it does not look as authentic,” he wrote in an unpublished blog post. This false appearance of decentralization masked the concentrated control behind the scenes.

The Web of Identity and Projects Behind the Macalinao Operations

The Macalinao brothers deployed their artificial-identity strategy across several major projects within the Solana ecosystem. Saber Labs functioned as their primary stablecoin exchange platform, while Sunny Aggregator offered yield-farming services. Cashio, another stablecoin protocol they controlled through pseudonymous identities, gained prominence before suffering a critical security breach in early 2022 that resulted in millions in losses.

By maintaining these projects under different anonymous personas, the brothers created the illusion of a thriving, diverse ecosystem. Each platform could independently report TVL figures, yet the same capital circulated between them. This double- and triple-counting of deposits artificially boosted Solana’s overall metrics during the bull market, with Ian acknowledging that the scheme “juiced the price of SOL, the native token of the Solana network.”

How the Macalinao Brothers’ Scheme Unraveled

The revelation of the Macalinao brothers’ tactics prompted DefiLlama, the primary data aggregator for the DeFi industry, to restructure how it presents TVL figures. The platform implemented changes to prevent double-counting of assets across protocols—a direct response to the brothers’ engineering of these inflated metrics.

Following CoinDesk’s detailed report exposing the operation, the Macalinao brothers made strategic retreats from their positions. They abandoned plans to migrate Saber to the Aptos blockchain, exited their venture-capital firm Protagonist VC, and transferred control of some pseudonymously-built projects to Marinade, an established Solana DeFi protocol. These moves appeared designed to distance themselves from the controversial ecosystem they had constructed.

Where Macalinao-Built Projects Stand Today

Four years later, the operational landscape has shifted dramatically. Saber continues to function as a stablecoin exchange, though its activity has stabilized at modest levels—reporting $4.4 million in 24-hour trading volume at the time of reporting. Ian Macalinao maintained basic infrastructure for the platform, but Saber’s community Discord channel shows signs of abandonment, with limited developer engagement and user activity.

The fates of Sunny Aggregator and Cashio diverged sharply from Saber’s survival. Both projects have effectively ceased operations, their token prices stagnating and their community channels flooded with frustrated messages from users demanding accountability. The Discord servers associated with these projects have become repositories of complaints rather than active communities, reflecting the complete breakdown of trust between developers and users.

Broader Industry Implications

The Macalinao brothers’ case represents a significant inflection point for how the crypto industry measures and validates ecosystem health. The manipulation of TVL metrics raised questions about data integrity across the sector and prompted infrastructure providers like DefiLlama to implement more rigorous validation standards. Meanwhile, Solana’s reputation absorbed pressure during this period, though the network itself continues to operate and attract development activity.

As of February 2026, Solana (SOL) trades at $88.01, reflecting the broader market dynamics that have evolved considerably since the era when artificial metric inflation could significantly move token prices. The Macalinao brothers’ tactics have become a cautionary tale about the risks of inadequate oversight in decentralized finance, where the absence of traditional intermediaries creates opportunities for sophisticated participants to game nascent systems.

The DOJ investigation signals that federal authorities are treating ecosystem manipulation as a serious matter worthy of criminal scrutiny, potentially establishing precedent for how digital asset fraud cases will be prosecuted in coming years.