Fun

ZkSync hit with claims of ‘almost no Sybil filtering’ in slated token airdrop

News Feed - 2024-06-12 04:06:19

Jesse Coghlan1 hour agoZkSync hit with claims of ‘almost no Sybil filtering’ in slated token airdropMudit Gupta from zkSync rival Polygon said the ZK token airdrop could be the most “farmed airdrop ever,” claiming it lacks anti-bot measures.1464 Total views4 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksEthereum zero-knowledge (ZK) layer-2 scaler zkSync has faced backlash from crypto industry watchers for a claimed lack of anti-Sybil measures and unfair distribution for the airdrop of its self-titled token, zkSync (ZK).


“zkSync airdrop is out. Most farmable and farmed airdrop ever probably,” Mudit Gupta, the information security chief of rival layer-2 network Polygon wrote in a June 11 X post.


“Almost no Sybil filtering as far as I can see,” Gupta added. “Anyone who knew the criteria could’ve easily farmed the shit out of it.”


Earlier that day, zkSync said that 695,232 wallets could claim its ZK token airdrop and shared a list of seven eligibility criteria, which it said aims to protect against Sybil attacks — where an entity uses multiple wallets to game crypto airdrops.


“That was not a well-planned airdrop from a Sybil perspective,” Cinneamhain Ventures partner Adam Cochran said, sharing zkSync’s eligibility criteria. “Those criteria are easy to not hit as a real user, and easy to hit as a farmer, and had no anti-Sybil program.”Source:Adam Cochran


The backlash saw crypto analytics firm Nansen step in to clarify it didn’t perform anti-Sybil checks or advise on allocations for the ZK token drop, but “provided data on some specific wallet segments” including for “whales and known scammers.”


However, crypto researcher “Ignas” highlighted that zkSync purposefully didn’t apply strict anti-Sybil measures, noting its press release claimed, “Sybil detection often cuts out real users with arbitrary filters.”


Sybil-tracking X account “Sybil Horror 6” posted a preliminary estimation using data from LayerZero Labs, claiming 135 million ZK tokens could be headed for Sybil wallets as listed by LayerZero.


Related:ZkSync’s Gemholic project suspected $3.5M rug pull


Based on ZK’s price on pre-market perpetual exchanges Aevo and PancakeSwap, the tokens could be worth up to $52.3 million.


The token has dropped around 43% in the past 24 hours on both markets, with sharp drops coinciding with zkSync releasing details of its airdrop.


Matter Labs, zkSync’s development firm, did not immediately respond to a request for comment.


Magazine:ZK-rollups are ‘the endgame’ for scaling blockchains, Polygon Miden founder# Airdrop# DeFi# Layer2Add reaction

News Feed

Marcel Pechman1 hour agoWill $30K be a new springboard for Bitcoin bulls?Bitcoin margin and futures markets display strength as institutional appetite surges after multiple spot ETF requests.739 Total viewsListen to arti
Growing Links Between Middle East, Russia, China Pose Huge Challenge for US, Warns Former Treasury Secretary
Growing Links Between Middle East, Russia, China Pose Huge Challenge for US, Warns Former Treasury Secretary Former Treasury Secretary Lawrence Summers has expressed concerns that
UAE Says No Virtual Asset Service Provider Has Been Granted an Operating Permit
UAE Says No Virtual Asset Service Provider Has Been Granted an Operating Permit The United Arab Emirates virtual assets regulator has said no crypto entity has been granted the ful
Tom Blackstone5 hours agoCrypto suffered 153% YoY increase in hacks and scams in Q3: ImmunefiThe number of attack incidents increased to 76 in Q3 2023, compared to just 30 in the same quarter last year.582 Total views18
Institutional Crypto Investors Flag Regulation a ‘Risk and Reward’ for Bitcoin
Binance has published a report today, in which the crypto exchange revealed the market insights of its largest institutional and VIP clients. As a result, the participants of the research believe regulation is both a big
Bitcoin, Ethereum Technical Analysis: BTC Falls as Global Economic Slowdown Heightens
Bitcoin, Ethereum Technical Analysis: BTC Falls as Global Economic Slowdown Heightens Bitcoin was back in the red during Friday’s session, as the token was once again tradin
David Attlee1 hour agoAnt Group launches new blockchain brand for Web3 developersThe new entity, ZAN, will help the parent company shake off its affiliations with Web3 and proceed to the IPO.351 Total views5 Total shares
Gemini Forms Creditors Committee With Houlihan Lokey to Resolve Genesis Liquidity Issues
Gemini Forms Creditors Committee With Houlihan Lokey to Resolve Genesis Liquidity Issues Roughly two weeks ago a report from the Financial Times (FT) claimed Genesis Global Capital
$8M theft forces Bittensor network shutdown
Zoltan Vardai14 hours ago$8M theft forces Bittensor network shutdownAll user funds are safe following the network halt, according to the Bittensor team.1691 Total views3 Total sharesListen to article 0:00NewsOwn this pie
New Crypto to Invest In as TradFi Investments Soar, Opening the Way for Another Bull Run
Este artículo también está disponible en español. Coinbase CEO Brian Armstrong recently suggested that the ‘floodgates are opening’ for TradFi firms to find the best
JPMorgan Expects Major Changes Coming to Crypto Industry and Regulation Post FTX Collapse
JPMorgan Expects Major Changes Coming to Crypto Industry and Regulation Post FTX Collapse JPMorgan has outlined key changes it expects in the crypto industry and its regulation fol
Prashant Jha10 hours agoBanks’ crypto exposure must be disclosed — BIS’ Basel CommitteeThe proposed regulations are currently open to the public for comments, and if approved, they will come into effect by Jan. 1,