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News

LayerZero Sybil Bounty Event Will Be Launched With 15% Allocation For Fraudulent Addresses

May 15, 2024 - Around 3 mins mins to read

Key Points:

  • The LayerZero sybil bounty event starts May 18, and users who report fraudulent addresses will be rewarded by May 31.
  • Self-reporting sybil addresses, by May 17, receive 15% of their token allocation, while identified sybils get nothing.
  • Data from over 100,000 self-reported sybils will help LayerZero and Nansen train AI to detect fraud, benefiting future projects like zkSync.
LayerZero has announced the commencement of the LayerZero sybil bounty event, which aims to identify and penalize fraudulent actors in the crypto community.
LayerZero Sybil Bounty Event Will Be Launched With 15% Allocation For Fraudulent Addresses

LayerZero Sybil Bounty Event Will Be Launched on May 18

The LayerZero sybil bounty event starts at 02:00 UTC on May 18, with bounty reports closing at 23:59 UTC on May 31. Participants in the bounty program are required to submit reports that detail clear methods for at least 20 suspect addresses.

Bounty hunters who successfully identify a “sybil” (a fraudulent address) will receive 10% of the sybil’s expected token distribution, while the identified witch will receive no distribution. Addresses that self-report their fraudulent behavior by May 17 at 23:59 UTC will receive 15% of their intended allocation. Those who fail to self-report and are later identified by LayerZero or through the bounty hunt will not receive any tokens.

LayerZero CEO Bryan Pellegrino previously disclosed on the X platform that up to 100,000 addresses had voluntarily reported themselves as sybils to secure 15% of the initial airdrop tokens. Pellegrino emphasized the value of collecting data on these sybil wallets, which will help identify similar fraudulent activities in future projects.

Utilizing AI to Combat Sybil Attacks

LayerZero has also opened a public disclosure portal for users to confess their sybil behavior. The project will subsequently release a list of identified sybil addresses and initiate the bounty program to encourage community-driven reporting of sybil activities.

This initiative is part of LayerZero’s strategy to curb sybil attacks, where individuals create multiple accounts to maximize token airdrop benefits. LayerZero and Nansen, a blockchain analytics firm, will use a dataset of over 100,000 samples to train AI systems to detect sybil patterns, potentially benefiting future airdrops in other projects.

There are indications that zkSync might utilize Nansen’s AI to verify sybil wallet addresses for its upcoming airdrop, highlighting the broader impact of LayerZero’s efforts on the crypto ecosystem.

LayerZero has implemented snapshots as of May 1, giving users until May 18 to self-report their sybil behavior before the LayerZero sybil bounty event launches.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Airdrop

LayerZero

LayerZero Sybil Bounty

Nansen

Sybil

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

LayerZero Sybil Bounty Event Will Be Launched With 15% Allocation For Fraudulent Addresses

Key Points:

  • The LayerZero sybil bounty event starts May 18, and users who report fraudulent addresses will be rewarded by May 31.
  • Self-reporting sybil addresses, by May 17, receive 15% of their token allocation, while identified sybils get nothing.
  • Data from over 100,000 self-reported sybils will help LayerZero and Nansen train AI to detect fraud, benefiting future projects like zkSync.
LayerZero has announced the commencement of the LayerZero sybil bounty event, which aims to identify and penalize fraudulent actors in the crypto community.
LayerZero Sybil Bounty Event Will Be Launched With 15% Allocation For Fraudulent Addresses

LayerZero Sybil Bounty Event Will Be Launched on May 18

The LayerZero sybil bounty event starts at 02:00 UTC on May 18, with bounty reports closing at 23:59 UTC on May 31. Participants in the bounty program are required to submit reports that detail clear methods for at least 20 suspect addresses.

Bounty hunters who successfully identify a “sybil” (a fraudulent address) will receive 10% of the sybil’s expected token distribution, while the identified witch will receive no distribution. Addresses that self-report their fraudulent behavior by May 17 at 23:59 UTC will receive 15% of their intended allocation. Those who fail to self-report and are later identified by LayerZero or through the bounty hunt will not receive any tokens.

LayerZero CEO Bryan Pellegrino previously disclosed on the X platform that up to 100,000 addresses had voluntarily reported themselves as sybils to secure 15% of the initial airdrop tokens. Pellegrino emphasized the value of collecting data on these sybil wallets, which will help identify similar fraudulent activities in future projects.

Utilizing AI to Combat Sybil Attacks

LayerZero has also opened a public disclosure portal for users to confess their sybil behavior. The project will subsequently release a list of identified sybil addresses and initiate the bounty program to encourage community-driven reporting of sybil activities.

This initiative is part of LayerZero’s strategy to curb sybil attacks, where individuals create multiple accounts to maximize token airdrop benefits. LayerZero and Nansen, a blockchain analytics firm, will use a dataset of over 100,000 samples to train AI systems to detect sybil patterns, potentially benefiting future airdrops in other projects.

There are indications that zkSync might utilize Nansen’s AI to verify sybil wallet addresses for its upcoming airdrop, highlighting the broader impact of LayerZero’s efforts on the crypto ecosystem.

LayerZero has implemented snapshots as of May 1, giving users until May 18 to self-report their sybil behavior before the LayerZero sybil bounty event launches.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.