LayerZero Unmasks Over 800,000 Sybil Addresses in Major Crackdown

banner-image

LayerZero Labs, has announced the conclusion of the Sybil self-report phase. The announcement was made via social media platform X. The self-reporting phase is the platform’s way to address Sybil’s activity, also known as “airdrop farming”.

Understanding Sybil Farming

Sybil farming is the creation of numerous fake accounts to unjustly acquire tokens or rewards. With self-reporting, the developers aim to ensure that token distribution rewards those who positively contribute to the network’s growth and sustainability. The objective is to prune out manipulators of the system.

As per the announcement, each self-reported address is set to receive 15% of its intended token allocation, with the remaining 85% slated to return to qualified users. However, there are some addresses identified as ineligible to receive the token allocation.

Identifying and Addressing LayerZero Sybil Addresses

A total of 803,093 addresses have been identified as potential Sybils. These are disqualified from receiving a token allocation. The figure that initially stood at 2 million was cut down after the benchmarks for identification were reevaluated. This was to prevent false flagging of addresses.

Notably, the primary target of the original Sybil analysis was to pinpoint industrial Sybil clusters. These large clusters were billed for removal from bounty hunting eligibility. However, it is important to highlight that the list is a preliminary one.

The final report, expected after May 31st, will incorporate updated methodologies and may differ from the current list.

Sybil Bounty Hunting and Future Actions

The Sybil bounty hunting process starts May 18th, at 2:00 UTC and will run until May 31st, 23:59 UTC. To qualify for a reward of 10% of Sybil’s intended token allocation, participants must report at least 20 addresses with a clear methodology. Bounties will be awarded to the first eligible reporter of each address.

LayerZero Labs says it plans to continue refining its methodology over the next two weeks of the bounty-hunting process. The initial list will not undergo updates during this period and will not affect bounty hunters until the final Sybil list is published.

Users in the community are free to check their allocated tokens through a link provided.

June 15, 2024

Gemini Exchange has reached agreement with the New York Attorney General..

June 15, 2024

The Play-2-Earn (P2E) game Notcoin has soared by 15% since the..

June 15, 2024

El Salvador is planning to build a Bitcoin Bank. If done,..

ads-image ads-image