Fees.wtf has just released its WTF token as an airdrop. However, a healthy bidding competition soon turned sour when a bot disappeared with 58 ETH.
What’s fees.wtf and WTF Token?
Fees.wtf is a simple service that connects to users’ Ethereum wallet. Essentially, it tells users how much they spent on transaction fees over the history of their wallet. 17 hours ago, fees.wtf rolled out their WTF token in an airdrop. Fees.wtf users could claim WTF tokens, an official fees.wtf ‘rekt’ NFT, access to the upcoming Pro Dashboard at fees.wtf and a referral link with scalable ETH rewards.
What’s the controversy about?
The initial launch was supposed to offer 100 million WTF. Moreover, the developers added $WTF liquidity to the pool – specifically, 2211.46 $WTF. Soon after, a frantic bidding war started, driven by bots.
Following frantic trading between bots, one bot disappeared with a reported 58 ETH, or $180,000 – drained from the wETH and WTF liquidity pool. Basically, it was a zero-sum game where one bot ended up victorious. Unfortunately, users reportedly lost thousands of dollars.
So how can you ensure that this doesn’t happen to you?
@cat5749 gave CryptoTwitter a couple of useful tips: “Unless you’re attempting to bot the initial liquidity, don’t FOMO into buying a newly launched altcoin with high slippage. If you purchased during the initial chaos, the price swings would have destroyed you.
For free airdrops like these, there’s no point stressing over what could have been. If you were fortunate enough to claim a big amount of $WTF and cash it out for a profit, be happy. I know someone’s going to be pedantic about the 0.01 ETH “service fee”, but really now.” After all, a 0.01ETH service fee is nothing compared to one user’s $430,000 fee for a failed Ethereum transaction!