As a researcher with experience in blockchain technology and token economics, I find LayerZero’s proactive approach to combating Sybil attacks commendable. The identification of over 800,000 potential Sybil addresses through a self-reporting mechanism and rigorous analysis by trusted partners is a significant achievement.
According to interoperability leader LayerZero’s recent disclosure aimed at thwarting Sybil attacks, over 800,000 suspect Sybil addresses have been identified.
Based on LayerZero’s information, the self-reporting procedure was conducted simultaneously with an in-depth examination by risk management platform Chaos Labs and blockchain investigation firm Nansen.
I’ve finished analyzing the Sybil self-report phase. Each reported address will receive a 15% share of their intended token allocation. The remaining 85% will be redistributed back to qualified users. Between my analysis and the verification processes conducted by LayerZero, Chaos Labs, and Nansen AI, approximately 803,093 addresses underwent this evaluation.
— LayerZero Labs (@LayerZero_Labs) May 18, 2024
After examining the feedback, the system disclosed discovering approximately 803,093 suspect addresses. These addresses were identified as possible Sybils – individuals responsible for generating numerous false accounts with the intention of securing greater rewards during an airdrop event.
Around the beginning of May, LayerZero unveiled a sneak peek of its upcoming ZRO token distribution, initially announced towards the end of 2023. Following this announcement, LayerZero Labs’ co-founder and CEO Bryan Pellegrino raised some apprehensions regarding company employees taking part in the ZRO airdrop.
On May 7, Pellegrino made an announcement on X that no LayerZero employee was permitted to take part in the airdrop, labeling their involvement as “grounds for termination.”
I’m sharing that all employees at LayerZero Labs are strictly prohibited from making any claims related to this matter. This rule applies to everyone, and violating it will result in disciplinary action. This policy has been communicated internally for some time and has long been a part of our company guidelines.
— Bryan Pellegrino (臭企鹅) (@PrimordialAA) May 7, 2024
After the May 1 update, LayerZero became more proactive in uncovering Sybil actors. To tackle this issue, they introduced a self-reporting system enabling suspects of Sybil activity to confess.
As an analyst, I would describe it this way: For each reported address, I allocated 15% of the intended token amount. The remaining 85%, however, were distributed among other eligible users. This method aimed to encourage truthful reporting and protect our system from potential exploitation.
At first, approximately 2 million addresses were identified as possibly being Sybils. Later on, more stringent guidelines were implemented to enhance precision and reduce unnecessary alarms, leaving us with a revised total of 803,093 suspect addresses.
Based on LayerZero’s announcement, this initial stage aims to exclude a large number of addresses from being considered for bounty hunting. However, it is important to note that these results are not final. As the platform refines its methodology, some addresses may be reevaluated and potentially taken off the Sybil list.
As an analyst, I’m excited to share that we’re moving forward to the next phase, which is referred to as Sybil Bounty Hunting. This stage begins on May 18th. In this phase, LayerZero extends an invitation to the community to assist in identifying potential Sybil addresses. To be eligible for rewards, participants must submit a list of at least twenty suspect addresses, accompanied by a detailed and verifiable methodology.
As a seasoned analyst, I would interpret this statement as follows: For every unique report that results in successful identification of an eligible address, you stand to receive a 10% reward from Sybil’s intended token allocation. This reward is exclusively granted to the first reporter who submits a valid report for that particular address.
As a researcher, I want to clarify that the preliminary list generated from the self-reporting stage will remain unchanged throughout the bug bounty program. This decision is taken to maintain transparency and uniformity among all participants.
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2024-05-18 22:44