{"id":17390,"date":"2023-02-05T17:04:28","date_gmt":"2023-02-05T17:04:28","guid":{"rendered":"https:\/\/coingrafter.com\/index.php\/2023\/02\/05\/ftx-users-debt-fud-token-is-listed-on-huobi\/"},"modified":"2023-02-05T17:04:28","modified_gmt":"2023-02-05T17:04:28","slug":"ftx-users-debt-fud-token-is-listed-on-huobi","status":"publish","type":"post","link":"https:\/\/coingrafter.com\/index.php\/2023\/02\/05\/ftx-users-debt-fud-token-is-listed-on-huobi\/","title":{"rendered":"FTX Users’ Debt (FUD) Token Is Listed on Huobi"},"content":{"rendered":"

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Permission-less debt market Debt DAO<\/a> has issued FTX Users\u2019 Debt (FUD) tokens on behalf of FTX collectors and crypto alternate Huobi stated it might record the token.<\/strong><\/p>\n

On Feb. 4, Debt Dao stated its FUD token would have an preliminary provide and circulation of 20 million tokens, with every token priced at $1, representing 2% of all FTX debt. The permission-less market added that it was notified of a debt quantity of roughly $100 million by FTX collectors.<\/p>\n

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2\/7 #DebtDAO<\/a> 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.<\/p>\n

\u2014 DebtDao (@debtdaoio) February 4, 2023<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n

Debt DAO added that it might create extra tokens when FTX confirms the precise debt and distribute the extra tokens by airdrops<\/a> to FUD holders. The FUD collectors may have the primary proper to claim their proper on the debt.<\/p>\n

Huobi Lists FTX Users\u2019 Debt (FUD) Token<\/h2>\n

Debt DAO\u2019s new FUD token has already generated some curiosity from crypto exchanges with Huobi taking the lead. Justin Sun\u00a0said\u00a0that the bond tokens represent<\/a> \u201cthe top quality FTX debt asset and is set to benefit everyone in the crypto world.\u201d<\/p>\n

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\u201cFUD token provides creditors with a new level of liquidity, allowing them to trade their FTX debt on the open market. This gives them greater control over their assets and opens up new investment opportunities,\u201d added Sun.<\/p>\n<\/blockquote>\n

Malicious actors have already tried to benefit from the scenario by producing counterfeit FUD tokens on the Ethereum<\/a> blockchain. Justin Sun warned<\/a> that the precise token is barely on the TRON<\/a> blockchain.<\/p>\n

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Crypto Community Raises Questions<\/h2>\n

The new concept of issuing new tokens to cowl FTX prospects\u2019 and traders\u2019 losses is strikingly just like the one beforehand endorsed by the disgraced alternate\u2019s founder, Sam Bankman-Fried. Crypto dealer and TV host Ran Neuner\u00a0suggested<\/a>\u00a0that FTX might be restarted by issuing new FTT tokens and distributing them to creditors and investors.<\/a><\/p>\n

Neuner added that customers could be made entire as all of the alternate earnings would accrue to them. SBF\u00a0stated the concept was a productive path for events to discover.\u00a0Still, the initiative was closely criticized on the time because the crypto group described it as a Ponzi scheme. <\/p>\n

FTX\u2019s new CEO John Ray<\/a> stated he’s open to restarting the crypto exchange<\/a>.<\/p>\n

It is value noting that there isn’t a relationship between the FUD token and the bankrupt FTX alternate. Liquidators are nonetheless making an attempt to get better all of the property within the firm and decide the collectors. <\/p>\n

Lawyers declare the corporate has recovered over $5 billion in liquid assets<\/a>, however money owed are greater than $8 billion.<\/p>\n

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Disclaimer<\/h3>\n

BeInCrypto has reached out to firm or particular person concerned within the story to get an official assertion concerning the latest developments, but it surely has but to listen to again.<\/p>\n<\/div><\/div>\n