LayerZero to fire employees participating in internal airdrops

As an experienced analyst, I believe it is crucial for companies involved in the cryptocurrency industry to maintain transparency and fairness in their operations, especially during token airdrops. The decision made by Bryan Pellegrino, the co-founder and CEO of LayerZero Labs, to restrict all employees from participating in the upcoming ZRO token airdrop is a commendable one.

As a crypto investor, I’ve been following the developments at LayerZero Labs closely. Recently, their co-founder and CEO, Bryan Pellegrino, brought up some important considerations regarding employee participation in their upcoming airdrop. He acknowledged the potential for conflicts of interest and emphasized the importance of transparency and fairness in distributing tokens to ensure the long-term success of the project.

In a post on May 7, Pellegrino announced that all employees of LayerZero Labs are prohibited from taking part in the anticipated airdrop which was initially mentioned in December 2023.

All employees of LayerZero Labs are strictly prohibited from making any claims related to this matter, and doing so would result in termination. This rule has been communicated internally and has long stood firm.

— Bryan Pellegrino (臭企鹅) (@PrimordialAA) May 7, 2024

He added the matter has already been shared within the company and is “a fireable offense.”

On May 1, 2023, the LayerZero team announced the tokenomics of the ZRO token as follows: 

  • 25% of the ZRO tokens are allocated to the ecosystem fund.
  • 19% will be airdropped to the early adopters and users of the platform — this includes a 5% allocation for an Initial DEX Offering (IDO). 
  • 19% will be sent to the core contributors.
  • 17% of the tokens are allocated to investors.
  • 20% is allocated to Retroactive Public Goods Funding (RPGF) — actors who have completed projects on LayerZero which has already benefited the platform.

LayerZero to fire employees participating in internal airdrops

As of May 1st, LayerZero has finished taking a snapshot and is now actively identifying Sybil actors – individuals who attempt to game the system by creating multiple false accounts to amass more rewards from the upcoming airdrop. It is important to note that the airdrop was initially slated for release in the first half of 2024.

In July 2023, users fell victim to a phishing scam involving a false LayerZero airdrop. Unsuspecting individuals visited a deceitful website and unwittingly transferred their crypto funds upon connecting their wallets. The extent of the financial losses remains undisclosed.

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2024-05-07 11:10