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Huobi Lists FUD Token Backed by FTX Users’ Debt

Huobi Lists FUD Token Backed by FTX Users’ Debt

Huobi, a major cryptocurrency exchange, has listed a new altcoin project named FTX Users’ Debt (FUD) as per a recent company announcement.

This new addition to the platform was supported with the approval of Justin Sun, a well-known advisor to the exchange and the founder of Tron (TRX).

FTX, a cryptocurrency exchange, went bankrupt last year, and its executives were accused of defrauding investors and mismanaging billions of dollars worth of user funds. The FUD token is being issued by DebtDAO, a crypto creditor, with an initial supply of 20 million tokens and a price tag of $1 each. This represents approximately 2% of FTX’s debt. However, DebtDAO has stated that the supply of the FUD token will grow and be distributed to the holders of the token once FTX confirms more of its debt.

According to DebtDAO, they have been notified of a debt amount of approximately $100 million by FTX creditors. Once FTX confirms the actual debt amount through its database or official disclosure, DebtDAO will issue additional tokens proportional to the confirmed debt amount and distribute them through an airdrop to all FUD holders. With an initial supply and circulation of 20 million FUD tokens, each token is valued at $1.

READ MORE: Bitcoin Making a Major Trend Shift, According to Analyst

Justin Sun believes that listing the FUD token on a reputable cryptocurrency exchange like Huobi is a clear sign that the public’s perception of digital assets is changing for the better. He stated that the demand for the FUD token demonstrates confidence in the market and a vote of support for a positive attitude toward cryptocurrency.

As per data from Huobi, the FUD token is currently trading at $64.

Andrey Kunev

Reporter at CoinsPress

Andrey Kunev is a knowledgeable cryptocurrency content creator passionate about the crypto market. With extensive experience in market analysis and investment reporting, Andrey is a valuable asset to the CoinsPress team. As a frequent contributor, he offers insightful and comprehensive coverage of market trends, price fluctuations, and new advancements in cryptocurrency. Whether you're a seasoned investor or just getting started, Andrey's clear and concise writing offers a comprehensive look at the current state of the crypto market and its prospects. Stay up-to-date with CoinsPress's expert analysis and commentary on all things cryptocurrency.

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