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.
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.
1/7 $FUD (FTX Users' Debt) is a bond token issued by DebtDAO on behalf of FTX creditors.
— DebtDao (@debtdaoio) February 4, 2023
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.
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.
The listing of FUD Token on reputable exchanges like @HuobiGlobal is a clear indication that the crypto industry is moving in a positive direction. The demand for #FUD Token is a sign of confidence in the market, and a vote of support for a positive attitude towards crypto.
— H.E. Justin Sun🇬🇩🇩🇲🔥₮ (@justinsuntron) February 5, 2023
As per data from Huobi, the FUD token is currently trading at $64.