2 years ago
Fees.wtf is simply a elemental work that shows Ether (ETH) users their beingness walk connected Ethereum blockchain transactions by measuring gas. You plug successful your wallet code connected their website and they archer maine however overmuch state you spent.
The task released their token, WTF, successful an airdrop Friday astatine midnight. Essentially, users would beryllium capable to assertion WTF tokens arsenic good arsenic a “Rekt” NFT for 0.01 ETH. The Rekt NFT grants beingness entree to the pro mentation of fees.wtf.
According to their Discord announcement, the archetypal motorboat would connection 100 cardinal of WTF and the “circulating proviso volition beryllium the main attraction successful the tokenomics.” However, it didn’t rather spell to plan.
Following a bid of frantic trading behaviour betwixt bots successful the opening hours of the airdrop, 1 bot ran disconnected with a reported 58 ETH, oregon $180,000. On Etherscan, 58 ETH was drained from the wrapped ETH (WETH) to the WTF liquidity pool.
Social media channels were speedy to respond due to the fact that galore airdrop participants lamented losing thousands of dollars successful ETH. The WTF squad chimed successful 2 hours aft the airdrop to calm their ranks:
“Immediately connected motorboat determination was lone a tiny spot of liquidity and determination were ape bots that were chucking successful 100s of ETH into a excavation with an ETH oregon 2 of liquidity. They besides had precocious slippage and ended up being sandwiched by the different bots which fundamentally drained each their ETH.”Basically, wrong 5 minutes of the token launch, mediocre liquidity excavation absorption from the WTF devs near the liquidity excavation exposed. As determination was debased liquidity, bots were capable to manipulate the terms of WTF to past merchantability for WETH.
The bots would conflict it retired till 1 victor would instrumentality location the pot. In effect, the bot stole from users who provided liquidity to the pool, trying to assertion their WTF tokens and Rekt NFT. The victor managed to nonstop an “ultra-fast transaction astatine 3,000 Gwei”, making a 6x instrumentality connected their archetypal investment.
The WTF squad sent retired different Discord update 2 hours aft the airdrop, stating that “The halfway contracts are each fine, this was a warfare connected Uniswap.” The squad added, “We anticipation nary 1 was affected by it.” However, arsenic has go a common occurrence successful airdrops of late, tons of users mislaid a batch of money.
The terms graph of the token since motorboat paints a 1000 words. The archetypal spike shows the bot activity, swiftly followed by a 10x nonaccomplishment successful value.
The authoritative WTF Discord radical is brimming with users sharing stories of losing money. Some are “shaking” with rage portion decease threats and suit claims are rife.
One Etherscan transaction points to 1 idiosyncratic losing 42 ETH, oregon $135,000, for 0.000044170848308398 WTF, efficaciously $0.01.
Related: Recounting 2021’s biggest DeFi hacking incidents
As daylight dawns connected the project, immoderate Twitter users person called retired the task arsenic a Ponzi scheme. The referral constituent to the task is spurious. Referrers of the WTF task assertion a 50% connected fees “to marque wtf spell viral,” portion the WTF squad earns 4% from each transfer. In total, the WTF squad claimed astir fractional a cardinal successful token transportation fees successful a small implicit 8 hours.
Twitter user Lefteris Karapetsas didn’t mince his words:
Summing up.
WTF "team" made an app immoderate dev tin bash successful 1 hour
Slapped a token + ponzinomics connected it
Anons aped without reasoning and mislaid ETH successful state and assertion fees
Team has truthful acold made 116 ETH + 6,168,806 WTF. Roughly astir $855,665 and this is getting bigger by the second
The WTF task states simply that the proviso of tokens is “deflationary”, and that 40 cardinal WTF tokens volition spell to their treasury. There is not a large woody of item regarding the token distribution. Meows.ETH concluded their Twitter thread with a zen approach to the arguable task launch:
“If you were fortunate capable to assertion a large magnitude of $WTF and currency it retired for a profit, beryllium happy. Unless you're attempting to bot the archetypal liquidity, don't FOMO into buying a recently launched altcoin with precocious slippage.”
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