Canada’s Bankrupt ‘Crypto King’ Kidnapped, Tortured, Held for $3 Million Ransom
FTX Customers’ Debt (FUD) Token Is Listed on Huobi
Permission-less debt market Debt DAO has issued FTX Customers’ Debt (FUD) tokens on behalf of FTX collectors and crypto alternate Huobi mentioned it could listing the token.
On Feb. 4, Debt Dao mentioned its FUD token would have an preliminary provide and circulation of 20 million tokens, with every token priced at $1, representing 2% of all FTX debt. The permission-less market added that it was notified of a debt quantity of roughly $100 million by FTX collectors.
Debt DAO added that it could create extra tokens when FTX confirms the precise debt and distribute the extra tokens via airdrops to FUD holders. The FUD collectors may have the primary proper to say their proper on the debt.
Huobi Lists FTX Customers’ Debt (FUD) Token
Debt DAO’s new FUD token has already generated some curiosity from crypto exchanges with Huobi taking the lead. Justin Solar said that the bond tokens represent “the fine quality FTX debt asset and is about to learn everybody within the crypto world.”
“FUD token offers collectors with a brand new degree of liquidity, permitting them to commerce their FTX debt on the open market. This provides them better management over their property and opens up new funding alternatives,” added Solar.
Malicious actors have already tried to make the most of the scenario by producing counterfeit FUD tokens on the Ethereum blockchain. Justin Solar warned that the precise token is barely on the TRON blockchain.
Crypto Group Raises Questions
The brand new thought of issuing new tokens to cowl FTX prospects’ and traders’ losses is strikingly much like the one beforehand endorsed by the disgraced alternate’s founder, Sam Bankman-Fried. Crypto dealer and TV host Ran Neuner suggested that FTX could possibly be restarted by issuing new FTT tokens and distributing them to collectors and traders.
Neuner added that customers can be made complete as all of the alternate income would accrue to them. SBF mentioned the thought was a productive path for events to discover. Nonetheless, the initiative was closely criticized on the time because the crypto group described it as a Ponzi scheme.
FTX’s new CEO John Ray mentioned he’s open to restarting the crypto alternate.
It’s price noting that there isn’t any relationship between the FUD token and the bankrupt FTX alternate. Liquidators are nonetheless attempting to get well all of the property within the firm and decide the collectors.
Legal professionals declare the corporate has recovered over $5 billion in liquid property, however money owed are greater than $8 billion.
BeInCrypto has reached out to firm or particular person concerned within the story to get an official assertion in regards to the current developments, but it surely has but to listen to again.