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News

LayerZero Sybil Bounty Program Has Now Completed 10% Token Distribution to Hunters

July 25, 2024 - Around 2 mins mins to read

Key Points:

  • LayerZero finalized the rewards for Sybil bounty hunters on July 25, with participants receiving 10% of the token allocation for each verified Sybil address.
  • The LayerZero Sybil bounty program was launched to address potential fraud risks in the ZRO token airdrop.
  • Out of over 2 million initially flagged addresses, 803,093 were confirmed as Sybil addresses following a detailed review process.
On July 25, blockchain interoperability company LayerZero concluded the distribution of rewards to participants in its Sybil bounty program.
LayerZero Sybil Bounty Program Has Now Completed 10% Token Distribution to Hunters

Read more: LayerZero Labs and Initia Labs Define Cosmos Interoperability Standards!

LayerZero Sybil Bounty Rewards Distribution Completed

Community members who helped identify Sybil addresses were rewarded for their efforts as part of the recent LayerZero Sybil bounty, which was launched to clean up fraudulent activities ahead of the ZRO token airdrop.

The participants of the program were then asked to submit a minimum of 20 addresses using a transparent methodology. On every successful identification, they received 10% of the intended token allocation for every verified Sybil address. The list of the qualifying bounty hunters has been published on Commonwealth.im, a platform for Blockchain Transparency.

Over 800,000 Sybil Addresses Identified in Review

LayerZero initiated this program following concerns about potential fraud during the airdrop process announced in December 2023. Bryan Pellegrino, co-founder and CEO of LayerZero Labs, highlighted the risk of exploitation through fake accounts and enlisted the help of Chaos Labs and Nansen for thorough risk analysis.

The initial number of addresses flagged as potential Sybils was over 2 million, which, upon detailed review, whittled down to 803,093 addresses. Although the LayerZero Sybil bounty program started on May 18, it was first paused for two days before it resumed on May 28. The participants were required to make a deposit of 0.5 ETH to a designated wallet.

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.

LayerZero

LayerZero Labs

LayerZero Sybil Bounty

Sybil

ZRO

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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 Program Has Now Completed 10% Token Distribution to Hunters

Key Points:

  • LayerZero finalized the rewards for Sybil bounty hunters on July 25, with participants receiving 10% of the token allocation for each verified Sybil address.
  • The LayerZero Sybil bounty program was launched to address potential fraud risks in the ZRO token airdrop.
  • Out of over 2 million initially flagged addresses, 803,093 were confirmed as Sybil addresses following a detailed review process.
On July 25, blockchain interoperability company LayerZero concluded the distribution of rewards to participants in its Sybil bounty program.
LayerZero Sybil Bounty Program Has Now Completed 10% Token Distribution to Hunters

Read more: LayerZero Labs and Initia Labs Define Cosmos Interoperability Standards!

LayerZero Sybil Bounty Rewards Distribution Completed

Community members who helped identify Sybil addresses were rewarded for their efforts as part of the recent LayerZero Sybil bounty, which was launched to clean up fraudulent activities ahead of the ZRO token airdrop.

The participants of the program were then asked to submit a minimum of 20 addresses using a transparent methodology. On every successful identification, they received 10% of the intended token allocation for every verified Sybil address. The list of the qualifying bounty hunters has been published on Commonwealth.im, a platform for Blockchain Transparency.

Over 800,000 Sybil Addresses Identified in Review

LayerZero initiated this program following concerns about potential fraud during the airdrop process announced in December 2023. Bryan Pellegrino, co-founder and CEO of LayerZero Labs, highlighted the risk of exploitation through fake accounts and enlisted the help of Chaos Labs and Nansen for thorough risk analysis.

The initial number of addresses flagged as potential Sybils was over 2 million, which, upon detailed review, whittled down to 803,093 addresses. Although the LayerZero Sybil bounty program started on May 18, it was first paused for two days before it resumed on May 28. The participants were required to make a deposit of 0.5 ETH to a designated wallet.

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.