Bittime - LayerZero Labs has just completed the "Sybil Self-report Phase" for its network. This is an important step to combat fake users (sybils) who try to take fraudulent profits. The latest report shows that there are more than 800 thousand sybils on the LayerZero network.
What is Sybil?
Sybil is a term for fake users created to gain illegitimate profits. For example, by claiming airdrops (free token distribution) many times.
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LayerZero Identify 800. Fake Users
Initially, LayerZero suspected more than 2 million addresses of being Sybil users. After the review, they were able to identify 803,093 potentially fraudulent addresses.
Also read: LayerZero Successfully Completes First Phase of Its Network Snapshot
Users who previously used this sybil address now have the opportunity to clear their names.
Hunt Sybil and Get Prizes!
In the next few weeks, LayerZero will be holding a “community bounty hunt” program. Participants in this program can report a minimum of 20 suspicious addresses.
If the report is accurate, you can get a prize in the form of 10% of the token allocation that the Sybil user should get! The program will start on May 18 2:00 UTC and end on May 31 23:59 UTC.
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Opportunities for Honest Sybil Users
Previously, LayerZero CEO Bryan Pellegrino announced that around 100,000 wallet addresses voluntarily recognized themselves as sybils. They are still entitled to receive 15% of the initial airdrop token allocation.
Also read: Tevaera Reveals LayerZero Airdrop Distribution, 90% for the Community!
LayerZero values user honesty and emphasizes that those who do not report will not receive any tokens.
Towards a Healthier Network
LayerZero took proactive steps by creating a public disclosure portal in early May. This portal allows users to admit mistakes if they have ever used sybil.
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This aims to create transparency and trust within the community, as well as prevent future fraudulent acts.
Pellegrino stressed the importance of collecting sybil wallet data. This data will be useful for identifying and preventing future fraudulent activity.
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Also read:
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LayerZero Employees Are Prohibited from Participating in Airdrops, They May Be Fired!
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LayerZero Combats Cheating Users in ZRO Airdrop by Uploading Its First Snapshot
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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