LayerZero Hunts Sybils

Alpha Team
May 03, 2024

🔍 Addressing Sybil Activity

Transparency Measures: Layerzero takes steps to address Sybil activity, outlining a plan for community members to self-report suspicious behavior by May 15, 2024, enhancing network integrity.

Rewards Program: Those who voluntarily disclose Sybil activity could receive immunity from penalties and the chance to engage in Layerzero projects. The initiative aims to foster honesty and strengthen the ecosystem.

Community Collaboration: Layerzero urges cooperation to combat Sybil attacks, emphasizing the importance of community involvement in maintaining network durability and security. Read More.

️ On today's Top Picks:

🚓 ZKasino team member arrested.
🪂 EigenLayer updates $EIGEN Stakedrop.
📈 Block to buy Bitcoin every month.
🔍 Victim loses ~$68M of $WBTC.

Read time: ⏰ 5 minutes

Crypto News

• ⭐️ LayerZero addresses sybil attackers by allowing self-reporting or being flagged by bounty hunters.

• MicroStrategy $MSTR plans to launch decentralized identity solution on Bitcoin $BTC.

• ⭐️ ZKasino team member reportedly arrested by Dutch authorities.

• Former Cred executives arrested & charged with wire fraud conspiracy.

• Terraform Labs pushes back against SEC arguing token sales were mostly outside US.

• Nigeria court adjourns Binance executives money laundering trial to May 17th.

• Ethereum Name Service $ENS petitions Unstoppable Domains’ patent.

• Idin Dalpour charged with wire fraud in alleged $43M crypto-related Ponzi scheme.

Alpha

• Blast launches Blast Jackpot & 3 additional point multipliers.

• Bouncebit posts, "Loading BounceBit Mainnet ... ███████▒▒▒" on X.

• Reya launches community vote for determining the risk parameters.

• Ethereum Name Service releases free 7th Anniversary NFT on Zora.

Airdrops

• Weekly Airdrop Summary by Earndrop.

• Scroll Airdrop Strategy by Earndrop.

• ⭐️ EigenLayer updates $EIGEN Stakedrop following community feedback.

• FriendTech launches $FRIEND airdrop.

• Mode introduces $MODE token & airdrop details.

• ICYMI Zerolend Airdrop Strategy by Earndrop.

Finance News

• BNP Paribas purchases BlackRock Spot Bitcoin ETF ($IBIT) shares.

• Coinbase $COIN generates $1.6B in revenue during Q1 2024.

• ⭐️ Block $SQ to buy Bitcoin $BTC every month with 10% of its gross profit.

• Stronghold Digital Mining $SDIG exploring strategic alternatives including sale of the company.

Security and Exploits

• ⭐️ Victim loses ~$68M of $WBTC due to address poisoning attack.

• ZachXBT shares leading an initiative resulting in the successful seizure of $12M.

• Several Android Applications vulnerable to file overwrite flaw.

• Dropbox discloses Dropbox Sign was breached exposing emails, usernames, & more.

Token Unlocks

• Liquity / 657.35K $LQTY / ~$669K / MAY 05
• Galxe / 5.18M $GAL / ~$18M / MAY 05
• Heroes of Mavia / 7.66M $MAVIA / ~$27M / MAY 06

Funding

• The Open Network, an L1 blockchain developed by Telegram; raises an undisclosed amount in funding from Pantera Capital.

• Kiosk, a Farcaster client; raises $10M in funding led by Electric Capital.

• Mitosis, an ecosystem-owned liquidity L1 blockchain; raises $7M in Seed funding led by Amber Group & Foresight Ventures.

• Paragraph, a Web3 publishing platform; raises $5M in funding.

• Airstack, a Farcaster SocialFi company; raises $4M in Seed funding led by Red Beard Ventures.

• Resonance Security, a cybersecurity firm; raises $1.5M in Pre-Seed funding.

The Degen Farmer

Top stablecoin yield farms of the day, more than $3,000,000 in TVL. DYOR and step up your farming game!

PROTOCOL	ASSETS	APY
Ramses V2 (Arbitrum)	USDCUSDC	113.18%
Merkle Trade (Aptos)	ZUSDC	76.72%
Avantis (Base)	USDC	67.81%
Notional V3 (Arbitrum)	NUSDC	59.17%
Abracadabra Spell (Arbitrum)	MIMUSDCUSDT	55.83%
Aerodrome V1 (Base)	DOLAUSDC	52.54%
Extra Finance (Base)	DOLAUSDC	51.99%
Cetus (Sui)	USDYUSDC	40.93%

. . .

Reya: a new L2 with over 200M in liquidity

Airdrop Opportunity 🪂: Reya's LGE is very close, and users that stake can start farming $REYA.

Backed by some of the best: investors include the likes of Coinbase Ventures, Wintermute, Robot Ventures, and more.

Reya Labs (creator of Reya Network) is run by a team of DeFi OGs with multiple successful startups launched in the past, such as Voltz Protocol.

How to get the airdrop? - Users can deposit USDC while the LGE event lasts to get boosted XP. XP is expected to convert into rewards in the future.

👉 Farm $REYA's XP by staking USDC

. . .

That’s it for today’s edition! See you soon.

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