Ian Macalinao, the chief architect of Solana's once mighty stablecoin exchange Saber hid behind multiple anonymous developer accounts to pump billions of dollars into his DeFi empire.
Confused? Cashio’s customers were. CoinDesk asked two high-profile users of Cashio to explain the app’s convoluted process; neither could. The app’sWhat users cared about was this: Cashio’s DeFi machine accepted their Saber LP tokens and spat out CASH tokens.
“TVL can only count if protocols are built separately,” Ian wrote, explaining why his anons’ protocols appeared to be separately built. Both tokens have plummeted 99%, according to data provider CoinGecko. Saber’s and Sunny’s TVL hardly fared better as they have both dropped by over 96%.Cashio’s March 23 implosion from a $52 million hack was a broadside against Ship Capital.
In the unpublished post, Ian begged the hacker – a self-styled Robin Hood-type who railed against American and European fat cats – “to consider returning the funds.” The hacker later did return $14 million of the $39 million that hack victims requested.
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