Fees.wtf is a simple service that displays Ether (Ethereum) users spend their lifetimes on Ethereum blockchain transactions by measuring the amount of gas. You enter your wallet address on its website and it tells you how much gas you spent.
The project released its WTF token in an airdrop on Friday. Essentially, users are able to acquire WTF tokens as well as “Rekt” non-fungible tokens (NFTs) for 0.01 ETH. Rekt NFT grants lifetime access to Fees.wtf Professional Edition.
According to its Discord announcement, the original offering planned to provide 100 million WTF, “the circulating supply will be the main attraction of token economics.” However, things didn’t quite go according to plan.
One bot ran off with a reported 58 ETH or $180,000 after frantic trading behavior between bots during the airdrop opening hours.According to Etherscan, 58 ETH is drain From Wrapped ETH (wETH) and WTF liquidity pools.
Social media channels reacted quickly as many airdrop participants lamented the loss of thousands of dollars in ETH. The WTF team made a noise within two hours of the airdrop to calm their ranks:
“Once they launched, the liquidity was just a little bit, and there were ape bots putting 100+ ETH into a pool with one or two ETH liquidity. They also had high slippage and ended up getting caught in the middle by other bots, which Basically drained all their ETH.”
Basically, within five minutes of the token launch, the liquidity pool was exposed due to mismanagement of the liquidity pool by the WTF developers. Due to low liquidity, bots are able to manipulate the price of WTF and then sell wETH.
The bots fought fiercely until a winner took the pot home. In effect, the bot stole the users who provided liquidity to the mining pool in an attempt to claim their WTF tokens and Rekt NFTs. The winner managed to send a “super fast transaction of 3,000 Gwei”, earning a 6x initial return on investment.
The WTF team posted another Discord update two hours after the airdrop, saying “the core contracts are all good, it’s a war on Uniswap.” The team added, “We hope no one is affected by it.” However, as has become Happened frequently in recent airdrops, a lot of users lost a lot of money.
Price chart of the coin since launch paint A thousand words. The initial spike shows a rapid 10x loss of value in bot activity.
The official WTF Discord group is full of users sharing stories of losses. Some “shuddered” with anger, while death threats and lawsuit claims prevailed.
an Etherscan trade Point to a user who lost 42 ETH or $135,000 at 0.000044170848308398 WTF, which is actually $0.01.
As the project dawns, some Twitter users have call out The project is a Ponzi scheme. The recommended element of this item is bogus. Referrers to the WTF project demand a 50% fee to “make wtf go viral,” while the WTF team earns 4% from each transfer. In total, the WTF team claimed nearly $500,000 in token transfer fees in just over eight hours.
Twitter user Lefteris Karapetsas did not minced his words:
The WTF “team” made an app that any developer could do in under 1 hour
Hit a token on it + ponzinomics
Anons imitated without thinking and lost ETH in gas and claims
The team has earned 116 ETH + 6,168,806 WTF so far.Around $855,665 and that number gets bigger in the second
— Lefteris Karapetsas | Hiring @rotkiapp (@LefterisJP) January 14, 2022
The WTF project only states that the token supply is “deflationary” and that 40 million WTF tokens will go into its treasury. There are not many details about the token distribution. Twitter user Meows.ETH Summarize Their Twitter post takes a zen approach to launching the controversial project:
“If you’re lucky enough to claim a chunk of WTF and cash it out for profit, be happy. Don’t FOMO into newly launched high-slippage altcoins unless you’re trying to limit initial liquidity.”