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.
LayerZero Labs’s Success On Sybil Attacks
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.
Up to 100,000 self reported Sybil addresses
— Bryan Pellegrino (臭企鹅) (@PrimordialAA) May 13, 2024
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.
“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.
LayerZero Labs introduced a self-reporting mechanism on May 3 to address the widespread problem of Sybil attacks.
We believe it is in the protocol's best interest to distribute tokens to durable users — not sybil farmers.
— LayerZero Labs (@LayerZero_Labs) May 3, 2024
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… pic.twitter.com/Kme9ZKckC7
Pellegrino emphasized the value of the data gathered through this process, highlighting its potential to help identify other users employing comparable tactics.
LayerZero Labs’s Planning To Combat Sybil Attack
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.
Impact Of Sybil Attack On Crypto Market
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.
