A newly launched altcoin project has caused users to lose 58 Ethereum (ETH) worth $187,000. cryptocoin.com We are giving the details as…
“Ponzi” claims for altcoin project
Fees.wtf, a simple service that displays how much gas fees Ethereum users spend in total on network transactions, released the WTF token earlier this morning. Users entered their wallet addresses on the website to see how much gas they spent with this service. In an announced airdrop, users would claim WTF tokens and a “Rekt” NFT, giving lifetime access to the premium version of the service. This reportedly costs 0.01 ETH.
The WTF token launch got off to a crazy start. Reportedly, users lost thousands of dollars. A bot disappeared with 58 ETH, equivalent to $187,000. Ahead of the airdrop, fees.wtf announced that the initial launch will offer WTF 100 million. Ideally, the circulating supply should have been the main attraction of the project’s token economy, but things did not go as planned. Bots traded wildly during opening hours, after which a bot with a large amount of funds disappeared. Social networks were flooded with complaints from airdrop participants who lost thousands of dollars. The WTF team made the following statement two hours after the airdrop:
There was only a small amount of liquidity right after launch, with bots sending 100s of ETH into a pool with one or two ETH liquidity. They also experienced high volatility in the transaction and were squeezed by other bots who essentially dumped all their ETH.
This means that the liquidity pool management of the WTF developers has left the pool exposed. Due to the low liquidity, the bots were able to manipulate the price of the WTF token and sell it for WETH. Besides WTF tokens, the bot has also stolen from liquidity providers trying to claim Rekt NFT. Some users described the airdrop and the project in general as a Ponzi scam.
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