Cryptocurrency exchange Huobi has listed a new debt token dubbed FUD (FTX Users' Debt) as drama around FTX keeps unfolding. In a press release, Huobi said that FUD is a bond token for the "highest quality creditors in the FTX event issued by DebtDAO."
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The token, with a "fair price" set at $0, had an initial supply and circulation of 20 million FUD tokens. However, laterDebtDAO decided to destroy 18 million FUD tokens due to the "high enthusiasm of user subscriptions."
Huobi claims that DebtDAO was "notified of a debt amount of approximately $100 million by FTX creditors." As of press time, FUD is trading in a pair with USDT at $67.3 with a maximum set at $200, according to data from Huobi.
FTX filed for Chapter 11 bankruptcy protection in the US in early November after it had faced a liquidity crisis. The Bahamas-based trading platform owes over $3 billion to the top 50 creditors.
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