2024-5-20 12:36 |
In a significant effort to combat fraudulent activities in decentralized finance (DeFi), LayerZero Labs has flagged 803,093 addresses as potential sybils.
The targets “airdrop farming,” where users create multiple fake accounts to unfairly benefit from token distributions.
LayerZero’s sybil self-reporting successThe flagging of the 800k addresses took place after LayerZero announced the conclusion of its sybil self-reporting phase on May 18.
During the self-reporting phase, which began on May 3, users were allowed to self-report sybil addresses in exchange for 15% of their planned token airdrop as a reward for honesty. The remaining 85% of the airdrop tokens will be distributed to eligible users.
The self-reporting has enabled LayerZero to refine its criteria, reducing the number of potential sybil addresses from the initial two million to 803,093.
The comprehensive list of identified sybil addresses has been made public and it includes addresses flagged through initial analyses by LayerZero, Chaos Labs, and Nansen.
Address list to expand after the sybil bounty hunting phaseThe LayerZero team has emphasised that the list is not final until the sybil bounty hunting phase ends, which runs from May 18 to May 31.
The bounty hunting process offers participants a chance to report sybil addresses.
To qualify for a reward, participants must report at least 20 addresses with a clear methodology.
The first eligible reporter of each address will receive 10% of the intended token allocation for each sybil address identified. This initiative encourages community involvement in maintaining the integrity of token distributions
LayerZero addressing airdrop farmingAirdrop farming has become a prevalent issue in the crypto space, particularly affecting protocols that use airdrops to reward early adopters.
In 2022, Optimism and ZkSync Era both encountered significant airdrop farming activities, disqualifying thousands of wallets from their airdrops.
LayerZero’s proactive approach aims to prevent similar exploits and ensure fair token distribution.
The post LayerZero flags over 800k sybil addresses in airdrop farming crackdown appeared first on Invezz
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