Crypto Exchange Huobi Lists New ‘FUD’ Token Backed by FTX Users’ Debt With Approval From Justin Sun
Distinguished crypto trade platform Huobi has listed a brand new altcoin venture backed by the debt of FTX customers, in keeping with a brand new firm announcement.
Huobi says it’s supporting the token FTX Customers’ Debt (FUD) with the approval of Justin Solar, a high-ranking advisor to the trade and the founding father of Tron (TRX).
Crypto trade FTX went bankrupt final 12 months. Its executives had been accused of defrauding buyers and mishandling billions of {dollars} value of consumer funds. In line with crypto creditor and FUD issuer DebtDAO, the tokens will debut with a price ticket of $1 and a provide of 20 million, representing about 2% of FTX’s debt.
Nonetheless, DebtDAO notes that the token’s provide will develop and be doled out to holders of FUD as soon as FTX confirms extra of its debt.
“DebtDAO has been notified of a debt quantity of roughly $100 million by FTX collectors. With an preliminary provide and circulation of 20 million FUD tokens, representing 2% of FTX’s debt, every FUD token has a worth of $1.
As soon as FTX confirms the precise debt quantity via its database or official disclosure, DebtDAO will difficulty extra tokens proportional to the confirmed debt quantity and distribute them via an airdrop to all FUD holders.”
In line with Solar, who grew to become part of Huobi in 2022, the listing of FUD on revered crypto trade networks is an indication that the general public’s opinion on digital property could also be altering.
“The itemizing of FUD Token on respected exchanges like HuobiGlobal is a transparent indication that the crypto business is transferring in a optimistic course. The demand for FUD Token is an indication of confidence available in the market, and a vote of assist for a optimistic angle in the direction of crypto.”
FUD is at the moment buying and selling at $64 in keeping with information from Huobi.
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