Concerns have emerged regarding the IPOR Protocol, a DeFi benchmark rate designed for transparency. Allegations suggest that five market makers may be manipulating the IPOR Index, a LIBOR-like rate sourced from smart contract transactions. Unlike LIBOR, which was discontinued due to bank trader manipulations, IPOR’s on-chain, auditable design aims to ensure trustlessness. However, suspicions of coordinated actions by these market makers raise questions about the integrity of the rate-setting process. The IPOR Protocol, backed by investors like Arrington Capital, is a cornerstone for DeFi credit markets, offering tools for hedging and arbitrage. Any manipulation could undermine its role as a reliable benchmark, impacting DeFi’s stability and investor confidence. Investigations are needed to verify these claims.