2024

LayerZero

Impact

LayerZero Labs CEO, Bryan Pellegrino announced 100K addressed have self-reported themselves as airdrop sybils and promised 15% of the token allocations to participants.
LayerZero Labs’s CEO, Bryan Pellegrino announced success tory of recently launched self-reported mechanism for to battle sybil attack. Around 100K users 100K have voluntarily participated, identified and reported sybil activities.
<h2 class="wp-block-heading" id="strong-layerzero-labs-s-success-on-sybil-attacks-strong">LayerZero Labs’s Success On Sybil Attacks</h2>
Bryan Pellegrino took to X to announce the success of the self-reporting mechanism to fight Sybil attacks. According to Pellegrino, users up to 100K, have voluntarily identified themselves in the company’s recent initiative to reduce Sybil activities affecting their airdrop event.
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 Up to 100,000 self reported Sybil addresses— Bryan Pellegrino (臭企鹅) (@PrimordialAA) <a href="https://twitter.com/PrimordialAA/status/1790033102837797069?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 13, 2024</a>
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To encourage honesty among participants, the company offered 15% of the planned token distribution to those who admitted to such actions. The alternative was to lose their entire token share.&nbsp;
“My intuition is that a confirmed data set of 100,000+ is going to be extremely powerful in finding others either using the same software or similar methodologies. Can’t wait to see what it yields,” Pellegrino added to the tweet.&nbsp;
LayerZero Labs introduced a self-reporting mechanism on May 3 to address the widespread problem of <a href="https://www.thecoinrepublic.com/2023/09/10/addressing-vulnerabilities-in-decentralized-autonomous-organizations-daos/" target="_blank" rel="noopener noreferrer nofollow">Sybil attacks.&nbsp;</a>
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 We believe it is in the protocol's best interest to distribute tokens to durable users — not sybil farmers. If you are a sybil, you have two options: – Self-report sybil addresses for 15% of your intended allocation. No questions asked. The deadline to do so is May 17th. – Do… <a href="https://t.co/Kme9ZKckC7" rel="noopener noreferrer nofollow">pic.twitter.com/Kme9ZKckC7</a>— LayerZero Labs (@LayerZero_Labs) <a href="https://twitter.com/LayerZero_Labs/status/1786441554816532646?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 3, 2024</a>
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Pellegrino emphasized the value of the data gathered through this process, highlighting its potential to help identify other users employing comparable tactics.
<h3 class="wp-block-heading" id="strong-layerzero-labs-s-planning-to-combat-sybil-attack-strong">LayerZero Labs’s Planning To Combat Sybil Attack&nbsp;&nbsp;</h3>
LayerZero Labs is an interoperability protocol that connects blockchain platforms and permits developers to create omnichain applications. The company introduced the self-reporting mechanism on May 3 to to incentivize honesty among sybil attackers.
The company announced May 17 as the last date for the self-reporting and interestingly over 100K users already seported for the same.&nbsp;
<h3 class="wp-block-heading" id="strong-impact-of-sybil-attack-on-crypto-market-strong">Impact Of Sybil Attack On Crypto Market</h3>
Sybil attack is an illegal act which invovles a single node to use multiple active fake identities to undermine the power in a system. On May 11, Linea, a blockchain community backed by consensys experienced a sybil attack which affected the verification system. The attack also ceased the distribution of non-trensferable token, LXP, on a temporary basis.
In the same way, in August 2020, Ethereum Classic, the fork of Ethereum blockchain experienced a sybil attack which resulted in multiple block reorganizations and funds stolen.
In 2021, Verge, a privacy-preserving blockchain network reoprted a sybil attack which resulted in major block reorganization.

Up To 100K Self-Reported Sybil Addresses; Said LayerZero Labs

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Thecoinrepublic.com

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