User loses $137,000 trying to buy fees.WTF tokens

The fees.WTF service conducted an airdrop of WTF tokens to Ethereum users who spent at least 0.05 ETH (~$160) on gas in the network. Participants rushed to unload the tokens they received — within a few hours the asset price had fallen by 66%, according to CoinGecko.

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Contract is verified and open for review, and our updated website is live. You can claim your airdrop at 12am GMT. You can now get your free referral link to copy and send out. Each claim that uses your ref nets you $ETH 👀https://t.co/DczpQYPv7Lhttps://t.co/P3wPQlRsIT

— fees.wtf (@feeswtf) January 13, 2022

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fees.WTF allows users to track the fees they spend on gas in the Ethereum network. The WTF tokens can be placed in a staking pool, at the time of writing обещающем an annual yield of around 1400%. Holders of the asset also have the right to mint a wallet-specific NFT.

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According to on-chain data, when creating the initial WTF-WETH pool on the Uniswap platform, developers deposited more than 2111 WTF and only 0.000001 WETH. 

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Liquidity imbalance allowed users to sell relatively small amounts of WTF for large sums in WETH. Buyers of WTF, by contrast, bought the tokens at an inflated price. 

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For example, due to such slippage, one user by mistake exchanged 42 WETH (~$137 700) for 0,00004 WTF (~$0,0000037).

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There are also counterexamples. An unknown, presumably operator of a trading bot, managed to drain 58 WETH from the pool, paying only the network fee of 0.47 ETH. To do this, he waited for other bots to drain almost all the WTF liquidity, and then sent a transaction to sell the asset, offering a higher fee to have it included in the block earlier. 

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11/ As a result, this person was able to successfully drain 58 ETH in liquidity from the $WETH <> $WTF pool in under a minute:https://t.co/tmI7wBD4QU

— meows.eth (@cat5749) January 14, 2022

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In December 2021, the Gas DAO launched an airdrop of GAS tokens among users who spent more than $1559 on Ethereum network fees.

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