.DebtDAO will burn more than 18 million FUD tokens on Feb. 7 to bring the debt’s valuation in line with what DebtDAO considers fair value. By shauryamalwa
Irrational exuberance from crypto traders for the newly-issued FTX User Debt tokens has resulted in volatile price swings, controversies, millions in trading volumes, and a decision to destroy a majority of the token’s supply permanently.
There is no relationship between the Tron-based FUD token and the bankrupt FTX exchange. DebtDAO has stated it would create more tokens when FTX confirms the actual debt and distribute the additional tokens through airdrops to FUD holders - who will have the first right to assert their right on the debt.
"After FTX restores the database or FTX officially confirms the actual debt of the creditor, DebtDAO will issue a secondary public offering based on the actual amount of the debt and issue airdrops to all FUD holders," Sun explained. “As the most cost-effective and prioritized FTX debt on the network, FUD creditors have the first right to assert their claims on FTX debt,” DebtDAO said in a tweet last week. “Creditors with FTX debt exceeding $10 million are also encouraged to contact DebtDAO for a debt audit and issuance, enabling the debt to circulate in the secondary market.”
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