FUD (FTX Users Debt) is a bond token issued by DebtDAO, representing the claims of the most premier creditors in the FTX event, and it is an exclusive top-tier, premium FTX creditor asset launched by Huobi.
The amount of this debt has been confirmed through contracts provided by DebtDAO to be in the tens of millions of dollars. During the early bird phase, this FTX debt will be sold at a discount.
1 FUD = 1 USD, with an initial issuance and circulation of 20 million FUD. The fair price is 0 < 1 FUD ≤ 5 USDT (depending on market fluctuations, the actual price may exceed the fair price). Once FTX recovers its database or officially verifies the actual debt owed to creditors, DebtDAO will issue additional tokens based on the actual amount of the debt and distribute an airdrop to all FUD holders. At that time, the fair price will be 0 < 1 FUD ≤ 1 USDT (For example: if the actual amount of the debt is confirmed through FTXs database or published debt information to be 60 million USD, then an additional 40 million FUD will be issued on top of the initial 20 million FUD, and according to DebtDAO’s rules, users holding the initially issued 1 FUD will receive an extra 2 FUD airdrop). After the airdrop, DebtDAO will repurchase the debt for FUD holders on a 1:1 basis.
FUD (FTX Users Debt) Debt Explanation Twitter: https://twitter.com/debtdaoio/status/1621873403249709057?s=20&t=dCyKuOJT3BXNOCtbG-EXEg
Burn Announcement
The initial total supply of FUD (FTX Users Debt) was 20 million tokens. Due to enthusiastic user subscription after listing, the FUD price far exceeded the recommended price (recommended price was 0 < 1 FUD ≤ 5 USDT) immediately after listing. On February 6th, after initiating a proposal and consulting with the community, DebtDao decided to burn 18 million FUD tokens. After the burn, the total supply will become 2 million FUD, and the equivalent debt value per 1 FUD will change from 1 USD to 10 USD, with added early bird airdrop value. Following the burn, the recommended price of FUD will fluctuate between 0 < 1 FUD ≤ 50 USDT. Current FUD token holders need not take any action, as the value of their FUD tokens will increase tenfold.
(Early Bird Airdrop: DebtDao will conduct an airdrop of FUD to holders beyond the 20 million equivalent debt based on the actual debt amount disclosed by FTX.)
