BlocksInform
Prominent crypto exchange platform huobi has identified a new altcoin project supported by ftx users' debt, according to a new announcement from the company.
it is supporting the token FTX Users’ Debt (FUD) with the approval of Justin Sun, a high-ranking advisor to the exchange and the founder of Tron (
Crypto exchange FTX went bankrupt last year. Its executives have been charged with defrauding investors and manipulating billions of dollars in user funds. According to crypto creditor and FUD issuer DebtDAO, the tokens will debut with a price tag of $1 and a supply of 20 million, representing about 2% of FTX’s debt.
However, DebtDAO notes that the token offer will increase and be distributed to UFD holders once FTX has confirmed a greater portion of their debt.
FTX creditors advised DebtDAO of a debt of about $100 million. With an initial supply and circulation of 20 million UFD chips, accounting for 2% of FTX's debt, each FUD chip is worth $1.
Once FTX confirms the true amount of the debt through their database or formal disclosure, DebtDAO will issue additional chips commensurate with the amount of the confirmed debt and will release them to all BCP holders."
According to Sun, who became a part of Huobi in 2022, the listing of FUD on respected crypto exchange networks is a sign that the public’s opinion on digital assets may be changing.
'The inscription of fud tokens on exchanges reputed to be huobiglobal is a clear indication that the crypto industry is moving in a positive direction. The UFD token application is a sign of confidence in the market and a vote to support a positive attitude towards cryptography."
UFD currently trades at $64 based on the.
