DebtDAO’s origins are unknown, with less than 100 official Twitter followers and no official website.
FTX Users’ Debt (FUD)
According to Huobi’s official announcement, FUD is issued by DebtDAO, and Huobi claims to be its exclusive listing of the highest quality FTX debt assets:
Initial circulation: 20 million coins
Initial issuance stage: 1 FUD = 1 USD
Fair price: 0 < 1FUD ≤ 5USDT (based on market fluctuations)
DebtDAO stated that the initial liquidity will account for approximately 2% of FTX's total claims. After FTX restores user data or confirms the total claims, a secondary public offering will be conducted based on the actual amount and airdropped to all FUD holders.
That is, assuming the total debt is $60 million, DebtDAO will issue an additional 40 million FUD, and users who hold 1 FUD before the second public offering will receive 2 FUD airdrops.
After the airdrop is completed, DebtDAO will buy back all holders at a price of 1 USD for 1 FUD.
DebtDAO also encourages creditors with more than $10 million to contact DebtDAO to conduct debt audits and issuances so that claims can be circulated in the secondary market.
Coin listing information (Taiwan time):
Open for deposit: 2/5 15:00
Spot trading: Open trading pair FUD/USDT on 2/5 20:00
Open for withdrawals: 2/6 20:00
Contract address (TRC20): TQWQTZ7LzyttfnHQyfLUkKUs8eZZepgXiQ
This article Huobi will list FTX Users’ Debt spot trading pair FUD (FTX Users’ Debt) on February 6th. It first appeared on Chain News ABMedia.