Huobi suddenly listed FUD – Token of “FTX debt collection” project DebtDAO

Huobi crypto exchange suddenly announced the listing of the FUD token, making the price x100 times right after launch.

On the morning of February 5, cryptocurrency exchange Huobi announced that it would list FUD, the cryptocurrency of DebtDAO. The exchange will support the FUD/USDT trading pair starting from 07:00 PM on February 5 (Vietnam time). Users can now deposit FUD on the exchange, while the function of withdrawing FUD will be open at 07:00 PM on February 6 (Vietnam time).

FUD stands for “FTX Users’ Debt”, a TRC-20 token on the TRON network issued by DebtDAO.

After FTX confirms the debt through official disclosure, DebtDAO will issue more tokens proportional to the confirmed debt. DebtDAO said these tokens will then be distributed to FUD token holders through an airdrop.

For example, if the debt amount confirmed by FTX is $60 million, DebtDAO will issue an additional 40 million FUD tokens in addition to the initial 20 million. According to the rules of DebtDAO, users holding 1 FUD prior to the secondary public offering will receive an additional 2 FUD tokens from the airdrop.

In addition, DebtDAO will also issue contracts or notarized proof of debt at “appropriate times”. They also called on FTX creditors with more than $10 million in debt to contact them to audit and issue debt, then allow the debt to circulate on the secondary market.

Immediately after being listed on Huobi, the price of FUD token soared, even from the original price of 1 USD, sometimes reaching 117 USD, x more than 100 times. Currently the FUD/USDT pair has corrected at $67.5.