Here's Another Airdrop—Be Careful Bots Don't Steal Your Ethereum - Aliens: AI Crypto News & Markets Updates

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Here's Another Airdrop—Be Careful Bots Don't Steal Your Ethereum

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Crypto Briefing

Fri, Jan 14, 2022

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Trading bots have extracted hundreds of Ethereum from the WTF/WETH liquidity pool on Uniswap.

The fees.wtf team did not supply enough liquidity to the pool, making it easy for bots to manipulate the price of the WTF token.

Trading bots battled to front-run each others’ WTF token trades following fees.wtf’s airdrop early Friday.

fees.wtf, a site that allows Ethereum users to check how much gas they’ve spent on transactions, commenced its highly-anticipated token airdrop early Friday.

However, while the developers of previous airdrops ensured their trading pools were filled with enough liquidity to facilitate trades, it appears that fees.wtf did not.

As soon as the pool was set up, trading bots jumped in, draining liquidity and causing the WTF token to spike in price.

One bot extracted 58 ETH from the liquidity pool by first buying up all of the pool’s remaining WTF tokens in its first transaction, only to sell them back for nearly six times the price it paid.

While the trading bots battled it out in the low liquidity WTF/WETH pool, it’s highly likely that other individual traders got caught in the crossfire.

Due to severe liquidity issues caused by trading bots, many crypto enthusiasts took to Twitter to criticize fees.wtf.

In the run-up to the airdrop, the fees.wtf team announced that there would be a 0.01 ETH fee to claim the WTF token airdrop on top of gas fees.

One Twitter user operating under the handle @levels_crypto described the WTF token as a “ponzi.” The fees.wtf Discord server is also littered with complaints, with many members alleging that they were banned by the team after asking questions about the It’s also worth noting that the airdrop was meant to provide a makeshift rebate for the gas fees users had previously paid to use Ethereum, but the drop itself caused gas fees to spike to absurd levels, resulting in over $7.6 million worth of Ethereum being burned in the process.

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