Deposits are now required for submissions to the LayerZero Sybil Bounty, according to LayerZero Labs.
The creators of the blockchain interoperability protocol LayerZero, known as LayerZero Labs, have stated their intention to reinstate the LayerZero Sybil Bounty and institute a deposit requirement. Submission integrity and the prevention of fraud are the goals of the system.
All LayerZero Sybil Bounty hunters are required to transfer half an Ethereum (ETH) from their reward address to a designated account before they may submit reports, and this requirement is effective immediately. Token Generation Event (TGE) participants will have their deposits returned if their reports are legitimate and successful. The payment will not be refunded if the submission does not follow the criteria, especially if there is any kind of fraud or plagiarism.
Beginning at 2:00 UTC on May 25th, the deposit procedure will be available for 48 hours on Commonwealth. On May 28th, at 00:00 UTC, submission will once again be available. The deadline for submissions is 00:00 UTC on May 30th.
The evaluation of new reports will be done on a “first-come, first-serve basis,” with priority given to LayerZero Sybil Bounty reports published on GitHub and bound addresses. At TGE, a 10% incentive is possible for reporters who are successful.
LayerZero Labs is actively working to stop Sybil, a scam where individuals utilize many wallets to falsely claim airdrop rewards. The CEO of LayerZero, Bryan Pellegrino, said that the company has received more than 3,000 reward reports and 30,000 appeals after the most recent phase of their airdrop, which targets Sybils who did not self-report. Some people went to extreme lengths, such reporting accusers’ GitHub accounts, in an effort to wipe out any competition.
Also Read; Do Kwon’s extradition will be remanded to the Montenegro High Court after the appeal
