Huobi Global, a large Chinese exchange, announced the placement of the debt of users of the collapsed FTX crypto exchange in the form of a FUD token (FTX’s Users’ Debt) for spot trading. Operations with FUD, the exchange promises, will be available on Monday, February 6.
The bond token for high grade FTX lenders will have to be issued by DebtDAO. Emission will be 20 million.
“FTX lenders notified 2/7 DebtDao of a debt in the order of $100 million. With an initial offer and circulation of 20 million FUD tokens, which is 2% of FTX debt, each token is valued at $1,” platform representatives specified.
2/7 #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.
— DebtDao (@debtdaoio) February 4, 2023
First, FTX will recheck its databases and confirm the official amount of debt to creditors, then DebtDAO will conduct a secondary release of digital coins and distribute the second and last batch of tokens to all FUD holders.
In accordance with DebtDAO rules, all FUD holders who hold at least one token prior to the secondary offering will receive an additional 2 FUD. After the distribution, DebtDAO will issue a debt buyback for users who have FUD.
Earlier, representatives of FTX announced their desire to exclude their Turkish division from the bankruptcy case.
Source: Bits
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