Jupiter Identifies Token Sniping, Restarts WET Public Sale

2 mins mins

Key Points:

Jupiter voids WET sale, refunds participants over botting issues.
WET public sale restarts December 8, 2023.
Bubblemaps identifies snipe attempt by “Ramarxyz.”

Jupiter’s WET public sale will relaunch on December 8 at 11 PM (UTC+8), following a voided initial sale, with all prior participants refunded and allocations preserved.

The relaunch addresses fair distribution, after analytics revealed over 70% token acquisition by a single entity, “Ramarxyz,” prompting new anti-bot measures to ensure equitable access.

Bot Detection Halts WET Token Sale

Jupiter discovered a bot-related issue, resulting in the voiding of the initial WET token sale. According to their X account, the responsible party, identified by Bubblemaps as “Ramarxyz,” used over 1,000 wallets to purchase 70% of presale tokens.

All participants in the December 4 sale will receive refunds in USDC, and a new public sale will be conducted. The new WET tokens will replace the old ones, ensuring the integrity of the relaunch.

“We have identified the WET token sniper ‘Ramarxyz’ who used over 1000 wallets to purchase 70% of the HumidiFi presale tokens and then demanded refunds.”

The revelation of bot activity prompted swift action from Jupiter, with additional anti-bot measures slated for the new sale. No regulatory actions have been announced, highlighting a community-driven response.

WET Sale Relaunch Scheduled for December 8

Did you know? Similar instances of botting have occurred in DeFi launches, but few have resulted in full refunds, showcasing Jupiter’s commitment to transparency and fairness.

WeShow Token (WET) has shown price fluctuations with a 24-hour change of 1.62% and a 90-day decline of 4.36%, according to CoinMarketCap. The current market cap and trading volume are reported as zero, reflecting its non-circulating status.

weshow-token-daily-chart-2 — WeShow Token(WET), daily chart, screenshot on CoinMarketCap at 09:59 UTC on October 11, 2021. *Source: CoinMarketCap*

Insights from Coincu suggest that Jupiter’s decision to refund participants and employ anti-bot strategies might set new industry standards for transparency in token sales, potentially influencing future DeFi protocols.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.