The post LayerZero spots 800k sybil addresses in airdrop scheme appeared on BitcoinEthereumNews.com.

Interoperability giant LayerZero’s ongoing self-reporting effort to combat Sybil attacks has revealed more than 800,000 sybil addresses. According to LayerZero, the self-reporting process was carried out in tandem with a rigorous analysis with risk management platform Chaos Labs and blockchain analytics firm Nansen. The sybil self-report phase has now concluded. Each self-reported address will receive 15% of its intended token allocation, with the remaining 85% returning to qualified users. Between the sybil self-report and analysis by LayerZero, @chaos_labs, and @nansen_ai, 803,093… pic.twitter.com/wH9eFcMWV5 — LayerZero Labs (@LayerZero_Labs) May 18, 2024 Following the review, the platform announced that it had identified 803,093 addresses as potential Sybils, users who create multiple fake accounts to claim more rewards from an airdrop. In early May, LayerZero revealed a snapshot for its upcoming ZRO token airdrop, which was first announced in December 2023. Shortly after the airdrop teaser, LayerZero Labs co-founder and CEO Bryan Pellegrino expressed concerns about company employees participating in the airdrop.  On May 7, Pellegrino announced on X that all LayerZero employees were banned from participating in the airdrop, calling it a “fireable offense.” Will announce something publicly about this, every LayerZero labs employee is 100% restricted from claiming and has no eligibility — it will be a fireable offense and has been announced internally for some time and has always been the case — Bryan Pellegrino (臭企鹅) (@PrimordialAA) May 7, 2024 Furthermore, following the May 1 snapshot, LayerZero started actively identifying Sybil actors. As part of the Sybil hunting initiative, LayerZero implemented the self-reporting mechanism, allowing addresses suspected of Sybil behavior to come forward.  Each self-reported address was set to receive 15% of its intended token allocation, with the remaining 85% redistributed among qualified users. This strategic distribution was meant to incentivize honest reporting while safeguarding the ecosystem from exploitative behavior. Initially,…

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Filed under: News - @ May 19, 2024 3:46 am