Permission-less debt marketplace Debt DAO has issued FTX Users’ Debt (FUD) tokens on behalf of FTX creditors and crypto exchange Huobi said it would list the token.
On Feb. 4, Debt Dao said its FUD token would have an initial supply and circulation of 20 million tokens, with each token priced at $1, representing 2% of all FTX debt. The permission-less marketplace added that it was notified of a debt amount of approximately $100 million by FTX creditors.
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
Debt DAO added that it would create more tokens when FTX confirms the actual debt and distribute the additional tokens through airdrops to FUD holders. The FUD creditors will have the first right to assert their right on the debt.