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News

LayerZero Sybil Self-report Phase Is Now Ended With Over 800,000 Fraudulent Addresses

May 18, 2024 - Around 2 mins mins to read

Key Points:

  • LayerZero Labs wraps up LayerZero sybil self-report and identifies 803,093 potential fraudulent addresses.
  • Community bounty hunt begins, rewarding participants for reporting sybil addresses.
  • CEO stresses the importance of self-reporting, offers rewards for voluntary disclosure, and warns of consequences for non-compliance.
LayerZero Labs has officially concluded the LayerZero sybil self-report phase, marking a significant milestone in their efforts to combat fraudulent activity within their network.
LayerZero Sybil Self-report Phase Is Now Ended With Over 800,000 Fraudulent Addresses
LayerZero Sybil Self-report Phase Is Now Ended With Over 800,000 Fraudulent Addresses 2

LayerZero Sybil Self-Report Phase Ended

With over 2 million addresses initially under scrutiny, the company has successfully identified 803,093 potential sybil addresses. This reduction in suspect addresses sets the stage for the next phase of their initiative.

In the coming weeks, LayerZero Labs will launch a community bounty hunt aimed at further rooting out sybil addresses. Participants in this hunt are tasked with reporting at least 20 suspicious addresses, with successful hunters earning 10% of the expected token distribution from each identified sybil. The sybil hunting bounty event is scheduled to commence on May 18th at 2:00 UTC and will run until May 31st at 23:59 UTC.

Users Urged to Disclose Sybil Behavior for Token Rewards

CEO Bryan Pellegrino previously disclosed that approximately 100,000 wallet addresses voluntarily declared themselves as sybils, positioning them to receive 15% of the initial airdrop token allocation. LayerZero Labs reaffirms its commitment to rewarding users who LayerZero sybil self-report behavior while warning that those who fail to do so will not receive any token allocation.

LayerZero Labs‘ proactive approach includes the establishment of a public disclosure portal in early May, allowing users to confess if they engaged in sybil behavior. This initiative aims to foster transparency and accountability within the community while discouraging fraudulent activities.

Pellegrino underlined the significance of compiling sybil wallet data, asserting that it will be invaluable for identifying and deterring future fraudulent activities.

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.

Bryan Pellegrino

LayerZero

LayerZero Labs

LayerZero Sybil Self-report

Sybil

Avatar of Harold

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 Self-report Phase Is Now Ended With Over 800,000 Fraudulent Addresses

Key Points:

  • LayerZero Labs wraps up LayerZero sybil self-report and identifies 803,093 potential fraudulent addresses.
  • Community bounty hunt begins, rewarding participants for reporting sybil addresses.
  • CEO stresses the importance of self-reporting, offers rewards for voluntary disclosure, and warns of consequences for non-compliance.
LayerZero Labs has officially concluded the LayerZero sybil self-report phase, marking a significant milestone in their efforts to combat fraudulent activity within their network.
LayerZero Sybil Self-report Phase Is Now Ended With Over 800,000 Fraudulent Addresses
LayerZero Sybil Self-report Phase Is Now Ended With Over 800,000 Fraudulent Addresses 4

LayerZero Sybil Self-Report Phase Ended

With over 2 million addresses initially under scrutiny, the company has successfully identified 803,093 potential sybil addresses. This reduction in suspect addresses sets the stage for the next phase of their initiative.

In the coming weeks, LayerZero Labs will launch a community bounty hunt aimed at further rooting out sybil addresses. Participants in this hunt are tasked with reporting at least 20 suspicious addresses, with successful hunters earning 10% of the expected token distribution from each identified sybil. The sybil hunting bounty event is scheduled to commence on May 18th at 2:00 UTC and will run until May 31st at 23:59 UTC.

Users Urged to Disclose Sybil Behavior for Token Rewards

CEO Bryan Pellegrino previously disclosed that approximately 100,000 wallet addresses voluntarily declared themselves as sybils, positioning them to receive 15% of the initial airdrop token allocation. LayerZero Labs reaffirms its commitment to rewarding users who LayerZero sybil self-report behavior while warning that those who fail to do so will not receive any token allocation.

LayerZero Labs‘ proactive approach includes the establishment of a public disclosure portal in early May, allowing users to confess if they engaged in sybil behavior. This initiative aims to foster transparency and accountability within the community while discouraging fraudulent activities.

Pellegrino underlined the significance of compiling sybil wallet data, asserting that it will be invaluable for identifying and deterring future fraudulent activities.

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.