Bryan Pellegrino, the co-founder and CEO of LayerZero Labs, addressed concerns regarding company employees taking part in the upcoming airdrop.
In a recent announcement shared on X, Pellegrino emphasized that all LayerZero Labs employees are strictly prohibited from participating in the platform’s highly anticipated airdrop, which was initially announced in December 2023.
Pellegrino stated that this policy has been communicated internally within the company and reiterated that engaging in the airdrop would result in termination.
The tokenomics of the ZRO token were disclosed by the LayerZero team on May 1, 2023, as follows:
- 25% of ZRO tokens are reserved for the ecosystem fund.
- 19% will be distributed through the airdrop to early adopters and platform users, with a 5% allocation for an Initial DEX Offering (IDO).
- 19% will be allocated to core contributors.
- 17% of tokens are earmarked for investors.
- 20% is dedicated to Retroactive Public Goods Funding (RPGF) for individuals or groups who have contributed to the platform’s development.
Following the snapshot taken on May 1, LayerZero is actively monitoring for Sybil actors, who create multiple fake accounts to maximize rewards from the airdrop. The company plans to launch the airdrop in the first half of 2024.
In July 2023, a fraudulent LayerZero airdrop led to the theft of funds from user wallets in a phishing attack. The scam website siphoned off funds immediately upon connection, although the exact extent of the losses remains undisclosed.
Summary Review: LayerZero Labs has taken decisive action to prevent its employees from participating in the upcoming airdrop, underscoring its commitment to fairness and transparency. This measure aims to uphold integrity within the company and ensure that the distribution of ZRO tokens is conducted equitably among the community. Despite past incidents of fraudulent activity, LayerZero remains vigilant in safeguarding user interests and is dedicated to advancing its platform in a secure and trustworthy manner.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
