LayerZero to fire employees participating in internal airdrops

The
co-founder
and
CEO
of
LayerZero
Labs,
Bryan
Pellegrino,
discussed
concerns
about
company
employees
participating
in
its
upcoming
airdrop.

In
an
X
post
on
May
7,
Pellegrino
said
that
all
the
LayerZero
Labs
employees
are
“100%
restricted”
from
participating
in
the
platform’s
long-awaited
airdrop
—
first

addressed
in
December
2023.

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.

After

completing
its
snapshot
on
May
1,
LayerZero
is
currently
hunting
Sybil
actors
—
users
who
create
multiple
fake
accounts
to
earn
more
rewards
from
an
airdrop.
Notably,
the
company
announced
the
launch
of
its
airdrop
in
the
first
half
of
2024.

In
July
2023,
a
fake
LayerZero
airdrop

drained
user
wallets
in
a
phishing
attack.
The
bogus
website
stole
funds
from
crypto
wallets
immediately
after
getting
connected.
However,
the
total
amounts
of
the
losses
were
not
reported.