Fees.wtf is a simple service that shows Ether (ETH) users how much they have spent for life on Ethereum blockchain transactions by measuring gas. You plug in your wallet address on their website, and it tells you how much gas you spent.
The project launched its WTF token in an airdrop on Friday. Basically, users were able to claim WTF tokens as well as a non-decryptable “Rekt” (NFT) token for 0.01 ETH. Rekt NFT gives lifetime access to the professional version of Fees.wtf.
According to Discord’s announcement, the initial launch is planned to offer 100 million WTFs, and “the rolling bid will be the main attraction at tokenomics.” However, things did not go as planned.
After frantic trading behavior between bots in airdrop working hours, one bot executed 58 ETH or 180,000 USD. According to Etherscan, 58 ETH has been drained from the Wrapped ETH (wETH) and WTF liquidity pool.
Social media channels were quick to respond as many airdroppers lamented the loss of thousands of dollars in ETH. The WTF chimed in two hours after the airdrop to calm their ranks:
“Immediately upon launch, there was only a small amount of liquidity, and there were monkey bots gathering in 100 seconds of ETH in a pool with an ETH or two of liquidity. They also had a high slippage and ended up being trapped by other bots which drained dramatically. essential every ETH.”
Essentially, within five minutes of the token launch, the poor liquidity pool management from the WTF developers left the liquidity pool exposed. Since there is low liquidity, the bots were able to manipulate the price of WTF to sell it afterwards.
The robots wrestle until one winner gets the pot. In fact, the bot stole from users who provided liquidity to the pool, trying to claim WTF and Rekt NFT tokens. The victor was able to send a “super-fast transaction of 3000 Gwei”, achieving a return of 6 times his initial investment.
The WTF sent another update on Discord two hours after the airdrop, saying: “All base contracts are good, it was a war on Uniswap.” “We hope that no one will be affected by it,” the team added. However, as it has become quite common with airdrops lately, many users have lost a lot of money.
The token price chart since launch paints thousands of words. The initial spike shows the bot’s activity followed by a 10 times loss in value.
The official WTF Discord group is full of users sharing money loss stories. Some are “trembling” with anger, while death threats and claims of lawsuits are rife.
One Etherscan transaction means one user loses 42 ETH, or $135,000, for 0.000044170848308398 WTF, effectively $0.01.
Related: List the biggest DeFi hack incidents of 2021
As the day dawned on the project, it happened to some Twitter users Out-of-service The project is a Ponzi scheme. The attribution element to the project is bogus. WTF project referrals charge 50% on fees to “make wtf go viral,” while the WTF team earns 4% from each transfer. In total, the WTF team claimed nearly half a million dollars in token conversion fees in just over eight hours.
Twitter user Lefteris Karapetsas did not minced meat His words:
Summarizing the above.
The WTF ‘team’ has created an app that any developer can implement in an hour
Slap a token + ponzinomics on it
Anons apologized without thinking and lost ETH in gas and demanded a fee
The team has so far achieved 116 ETH + 6,168,806 WTF. Approximately $85,665 and that’s getting bigger in a second
– Lefteris Karapetsas | Hiring @rotkiapp (LefterisJP) January 14, 2022
The WTF project states that the token supply is “shrinking” and that 40 million WTF tokens will go to its treasury. There is not a great deal of detail regarding token distribution. Twitter user Meows.ETH I finish Their Twitter thread with the zen approach to launching the controversial project:
“If you are fortunate enough to claim a large amount of WTF and extract it for profit, be happy. Unless you are trying to control the initial liquidity, feel free to buy a newly launched altcoin with high slippage.”