WTF token launch drains 58 ETH

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The undertaking launched its WTF token in an airdrop Friday. Essentially, customers had been in a position to declare WTF tokens in addition to a “Rekt” nonfungible token (NFT) for 0.01 ETH. The Rekt NFT grants lifetime entry to the professional model of

According to its Discord announcement, the preliminary launch deliberate to supply 100 million WTF, and the “circulating supply will be the main attraction in the tokenomics.” However, it didn’t fairly go as deliberate.

Following frantic buying and selling conduct between bots within the opening hours of the airdrop, one bot ran off with a reported 58 ETH, or $180,000. According to Etherscan, 58 ETH was drained from the Wrapped ETH (wETH) and WTF liquidity pool.

Social media channels had been fast to reply as a result of many airdrop contributors lamented shedding 1000’s of {dollars} in ETH. The WTF staff chimed in two hours after the airdrop to calm their ranks:

“Immediately on launch there was only a tiny bit of liquidity and there were ape bots that were chucking in 100s of ETH into a pool with an ETH or two of liquidity. They also had high slippage and ended up being sandwiched by the other bots which essentially drained all their ETH.”

Basically, inside 5 minutes of the token launch, poor liquidity pool administration from the WTF builders left the liquidity pool uncovered. As there was low liquidity, bots had been in a position to manipulate the worth of WTF to then promote for wETH.

The bots battled it out till one winner took dwelling the pot. In impact, the bot stole from customers who offered liquidity to the pool, making an attempt to say their WTF tokens and Rekt NFT. The victor managed to ship an “ultra-fast transaction at 3,000 Gwei,” making a 6x return on their preliminary funding.

The WTF staff despatched out one other Discord replace two hours after the airdrop, stating, “The core contracts are all fine, this was a war on Uniswap.” The staff added, “We hope no one was affected by it.” However, as has develop into a standard prevalence in airdrops of late, many customers misplaced some huge cash.

The worth graph of the token since launch paints a thousand phrases. The preliminary spike exhibits the bot exercise swiftly adopted by a 10x loss in worth.

The official WTF Discord group is brimming with customers sharing tales of shedding cash. Some are “shaking” with rage, whereas loss of life threats and lawsuit claims are rife.

One Etherscan transaction factors to 1 person shedding 42 ETH, or $135,000, for 0.000044170848308398 WTF, successfully $0.01.

Related: Recounting 2021’s largest DeFi hacking incidents

As daylight dawns on the undertaking, some Twitter customers have known as out the undertaking as a Ponzi scheme. The referral factor to the undertaking is spurious. Referrers of the WTF undertaking declare 50% on charges “to make wtf go viral,” whereas the WTF staff earns 4% from every switch. In complete, the WTF staff claimed nearly half one million United States {dollars} in token switch charges in a bit of over eight hours.

Twitter person Lefteris Karapetsas didn’t mince his phrases:

Summing up.

WTF “team” made an app any dev can do in 1 hour
Slapped a token + ponzinomics on it
Anons aped with out considering and misplaced ETH in gasoline and declare charges
Team has thus far made 116 ETH + 6,168,806 WTF. Roughly round $855,665 and that is getting larger by the second

— Lefteris Karapetsas | Hiring for @rotkiapp (@LefterisJP) January 14, 2022

The WTF undertaking states merely that the availability of tokens is “deflationary” and that 40 million WTF tokens will go to its treasury. There isn’t an excessive amount of element concerning the token distribution. Twitter person Meows.ETH concluded their Twitter thread with a zen strategy to the controversial undertaking launch: 

“If you were fortunate enough to claim a big amount of $WTF and cash it out for a profit, be happy. Unless you’re attempting to bot the initial liquidity, don’t FOMO into buying a newly launched altcoin with high slippage.”

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