Market Analysis

Battle of the bots: WTF token launch drains 58 ETH

The WTF token airdrop got off to a wild launch. Users reportedly lost thousands of dollars, while one bot disappeared with 58 ETH.

Fees.wtf is a simple service that shows Ether (ETH) users their lifetime spending amount on Ethereum blockchain transactions by measuring gas. You plug in your wallet address on its website, and it tells you how much gas you spent. 

The project released its WTF token in an airdrop Friday. Essentially, users were able to claim WTF tokens as well as a “Rekt” nonfungible token (NFT) for 0.01 ETH. The Rekt NFT grants lifetime access to the pro version of Fees.wtf.

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

Following frantic trading behavior between bots in 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.

Read more:  Joseph Lubin says insiders are 'very optimistic' about how fast Eth2 will unfold

Social media channels were quick to respond because many airdrop participants lamented losing thousands of dollars in ETH. The WTF team chimed in two hours after the airdrop to calm their ranks:

The WTF project states merely that the supply of tokens is “deflationary” and that 40 million WTF tokens will go to its treasury. There is not a great deal of detail regarding the token distribution. Twitter user Meows.ETH concluded their Twitter thread with a zen approach to the controversial project 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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