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.
18 million $FUD token has been burned! All $FUD token holders just got 10x return. https://t.co/tWNQyjsYzS— H.E. Justin Sun (@justinsuntron) February 7, 2023
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 USDT/USD.
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.
Read Next: Bitcoin, Ethereum, Dogecoin Soar On Hopes Of Fed Dovishness: Analyst Says $30K Is 'Still A Magnet' For Apex Crypto
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Get ready to uncover the secrets of decentralized finance and security in the crypto market with Crypto Unlocked , Benzinga's new virtual crypto event series. Don't miss out on this opportunity to learn from the experts and connect with fellow crypto enthusiasts — subscribe and turn on notifications for Crypto Unlocked on YouTube today !