1 year ago
Crypto speech Huobi said DebtDAO would pain 18 cardinal FTX User Debt (FUD) tokens aboriginal contiguous due to the fact that it rallied to a overmuch higher worth than the recommended price, according to a Feb. 7 statement.
Debt DAO antecedently issued 20 cardinal FUD tokens valued astatine $1 each, representing astir $100 cardinal owed to FTX creditors.
However, the token surged to astir $115 connected Feb. 5, forcing the DAO to see burning the bulk of the token’s supply to bring the indebtedness valuation to its “fair value.”
The token has declined by implicit 10% and was trading for $69.80 arsenic of property time, according to CoinMarketCap data.
Huobi said:
“After the destruction, the full contented volition go 2 cardinal FUDs and alteration from the archetypal 1 FUD=1 USD equivalent assertion to 1 FUD=10 USD equivalent assertion with an further aboriginal vertebrate airdrop value, and the recommended terms of FUD volition fluctuate betwixt 0<1 FUD≤50 USDT aft the destruction.”
The speech added that “holders of the FUD token bash not bash not request to bash anything, and the worth of tokens holding FUD volition admit 10 times.”
DebtDAO antecedently said it would make much tokens that would beryllium distributed done airdrops to FUD holders erstwhile FTX confirms the existent debt.
Meanwhile, the crypto assemblage remains wary of the high-flying crypto token. DebtDAO has nary website, and its authoritative Twitter relationship was created earlier this month. Community members person besides pointed retired that the Tron-based token has nary transportation to the bankrupt crypto speech FTX.
The station FTX User Debt (FUD) tokens diminution 10% arsenic 18M pain becomes imminent appeared archetypal connected CryptoSlate.
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