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18M FTX Users Debt Tokens Burned, Says Justin Sun: '10x Return For All Holders'

Published 08/02/2023, 03:57
Updated 08/02/2023, 05:10
18M FTX Users Debt Tokens Burned, Says Justin Sun: '10x Return For All Holders'

Benzinga - Huobi Global founder H.E. Justin Sun said 18 million FTX Users Debt (FUD) tokens have now been fully burned, resulting in a tenfold return for all holders.

What Happened: After listing the token on Sunday, Huobi Exchange and Debtao announced that 18 million FUD tokens (amounting to 90% of the current token supply) would be irreversibly burned.

FUD token is only available on the Tron blockchain and the Huobi exchange.

See More: Top Indian Apps That Give Bitcoin, NFT Rewards

For the uninitiated, DebtDao, is a project that is issuing FTX users’ debt as a bond token, FUD, on behalf of FTX creditors.

Huobi, in a blog post, said it would increase the value of the FUD token, “due to the high enthusiasm of user subscriptions.”

The initial total supply of 20 million FUD tokens had soared to a much higher than the recommended price of 1 FUD which is less than or equal to 5 Tether (CRYPTO: USDT).

DebtDao has now destroyed 18 million FUD tokens, thus reducing the total issue to only 2 million. According to Huobi, this will result in a value increase from 1 FUD = 1 USD equivalent to 1 FUD = 10 USD equivalent – along with an early bird airdrop bonus – and a new recommended price of 1 FUD is less than or equivalent to 50 USDT.

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© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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