Crypto Exchange Huobi Lists New ‘FUD’ Token Backed by FTX Users’ Debt With Approval From Justin Sun
Outstanding crypto alternate platform Huobi has listed a brand new altcoin undertaking backed by the debt of FTX customers, in accordance 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 alternate and the founding father of Tron (TRX).
Crypto alternate FTX went bankrupt final 12 months. Its executives have been accused of defrauding traders and mishandling billions of {dollars} price of consumer funds. In accordance 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.
Nevertheless, 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 by means of its database or official disclosure, DebtDAO will problem further tokens proportional to the confirmed debt quantity and distribute them by means of an airdrop to all FUD holders.”
In accordance with Solar, who turned part of Huobi in 2022, the listing of FUD on revered crypto alternate 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 trade is transferring in a constructive course. The demand for FUD Token is an indication of confidence available in the market, and a vote of help for a constructive angle in direction of crypto.”
FUD is at the moment buying and selling at $64 in accordance with knowledge from Huobi.
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