Fees.wtf is a simple service that shows Ether (ETH) users how much they have spent in their lifetime on Ethereum blockchain transactions by measuring gas. You enter your wallet address on their website and it tells you how much petrol you have used.
The project launched its WTF token during a giveaway on Friday. Essentially, users can claim WTF tokens as well as the non-decryptable “Right” token (NFT) for 0.01 ETH. Direct NFT provides lifelong access to the professional version of Fees.wtf.
According to Discord’s announcement, the plan is to offer 100 million WTF at first launch, and “the gliding speed will be the main attraction for tokenomics.” However, things did not go as planned.
After a frenzy of trading between robots during the airdrop opening hours, a fine sold 58 ETH or $ 180,000. According to Etherscan, 58 ETH was leaked from Wrapped ETH (wETH) and the WTF liquidity pool.
Social media channels were quick to respond as many airdropers lamented the loss of thousands of dollars in ETH. WTF received a phone call two hours after the distribution to calm down the ranks:
“Immediately after launch, there was very little liquidity, and there were aperobots that threw 100 seconds of ETH in a pool with one or two ETH liquidity. They also had high slip and ended up being caught by other robots that ran out of steam. required for each ETH. ”
Essentially, within five minutes of the token launch, poor management of the liquidity pool by WTF developers made the liquidity pool uncertain. Because liquidity is low, the robots were able to manipulate the WTF price and then sell it.
The robots fight until one of the winners gets the pot. In fact, the fine stole from users who provided liquidity to the pool, and tried to get WTF and Rect NFT tokens. The winner was able to submit a “super fast 3000 Gwei transaction” that earned 6 times its original investment.
Two hours after the giveaway, WTF sent a new update to Discord, saying “All key contracts are good, there was a war with Uniswap.” “We hope this does not affect anyone,” the team added. But since airdrops have become commonplace lately, many users have lost a lot of money.
The token price chart has drawn thousands of words since its launch. The first peak shows bot activity followed by a loss of value of 10 times.
The official WTF Discord group is full of users who share stories of losing money. Some “tremble” with anger, while death threats and allegations of lawsuits abound.
One Etherscan transaction means that one user loses 42 ETH, or $ 135,000, for 0.000044170848308398 WTF, actually $ 0.01.
Related topics: List of the biggest DeFi hacking incidents in 2021
When the project began to dawn, some Twitter users called it a Ponzi scheme. The attribution element of the project is false. WTF project referrals take 50% commission to “get wtf going viral” while the WTF team earns 4% on each transfer. In total, the WTF team demanded nearly half a million dollars in token conversion fees in just eight hours.
Twitter user Lefteris Karapetsas did not say his words:
The WTF project says that the supply of tokens “decreases” and that 40 million WTF tokens will go into the treasury. There are not many details about the distribution of tokens. Twitter user Meows.ETH ended his thread with a zen approach to launching a controversial project:
“If you’re lucky enough to get a large amount of WTF and profit from it, be happy. If you’re not trying to control initial liquidity, feel free to buy a newly launched high-sliding altcoin.”
