LayerZero Labs has found 800,000 addresses that might be fake, so they won’t get all the tokens they were supposed to. At first, they thought there were over two million fake addresses, but they made their rules stricter to find fewer mistakes.
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LayerZero Labs recently said they finished the time when people could admit they had fake accounts to get a smaller punishment. This is to stop “airdrop farming,” where people use fake accounts to get more tokens than they should. Now, addresses that fit their rules will only get 15% of the tokens they were going to get, and the other 85% will go to people who followed the rules.
LayerZero Sybil Address Bounty Hunt and Reporting Process
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LayerZero Labs has shared a complete list of addresses found through initial checks by LayerZero, Chaos Labs, and Nansen, along with self-reported addresses. This list aims to exclude large groups of fake accounts from joining the bounty hunt.
Starting from May 3, LayerZero set up a way for people to report themselves if they had fake accounts, offering them 15% of their token reward if they were honest within 14 days.
The initial list aims to be clear, but it might change before the final report comes out, as they might add or remove addresses.
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https://x.com/LayerZero_Labs/status/1791622471965163597?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1791622471965163597%7Ctwgr%5Ed27debaacc6f27fad76ad266e1150edcd047b1f4%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fbitcoinworld.co.in%2Flayerzero-labs-flags-800000-potential-sybil-addresses-down-from-2-million-identified-initially%2F
The hunt for fake accounts started on May 18 at 2:00 pm UTC and will end on May 31 at 11:59 pm UTC. To get a reward, participants need to report at least 20 fake accounts and explain how they found them. They can earn 10% of the tokens that the fake accounts would have gotten.
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The list of fake accounts won’t change during the hunt to keep things fair. After the hunt ends, they’ll share the final list of who’s eligible for rewards.
Sybil Farming in Decentralized Finance Protocols
Sybil farming, where people create multiple fake accounts to unfairly get tokens or rewards, has become a big problem in decentralized finance (DeFi) protocols.
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Airdrops, which give newly issued cryptocurrencies to early users, are often used by these protocols to get more people involved.
LayerZero’s ZRO was the first Hyperp (Hyperliquid-only perp) to start on the HyperLiquid perpetual futures decentralized exchange in September 2023.
We’ve seen sybil farming before in crypto. In 2022, Optimism found and removed over 17,000 suspected wallets from its airdrop for being involved in sybil farming, which was about 6.83% of the wallets that were supposed to get tokens.
In September, the ZkSync Era network found 21,877 wallets doing sybil farming. These wallets were trading a closed-source token among themselves using a private decentralized exchange.
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Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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