Prominent crypto exchange platform Huobi has listed a new altcoin project backed by the debt of FTX users, according to a new company announcement.
Huobi says 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 (TRX).
Crypto exchange FTX went bankrupt last year. Its executives were accused of defrauding investors and mishandling billions of dollars worth of 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’s supply will grow and be doled out to holders of FUD once FTX confirms more of its debt.
“DebtDAO has been notified of a debt amount of approximately $100 million by FTX creditors. With an initial supply and circulation of 20 million FUD tokens, representing 2% of FTX’s debt, each FUD token has a value of $1.
Once FTX confirms the actual debt amount through its database or official disclosure, DebtDAO will issue additional tokens proportional to the confirmed debt amount and distribute them through an airdrop to all FUD 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 listing of FUD Token on reputable exchanges like HuobiGlobal is a clear indication that the crypto industry is moving in a positive direction. The demand for FUD Token is a sign of confidence in the market, and a vote of support for a positive attitude towards crypto.”
FUD is currently trading at $64 according to data from Huobi.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Jevanto Productions
