Announcement about DebtDAO's adoption of the FUD (FTX Users' Debt) destruction proposal
The initial total supply of FUD (FTX User's Debt) was 20 million. And due to the high enthusiasm of user subscriptions, the FUD price was much higher than the recommended price after the opening (recommended price is 0<1 FUD≤5 USDT). DebtDao initiated a proposal on February 6, and after discussion with the community, decided to destroy 18 million FUD tokens. After the destruction, the total issue will become 2 million FUDs and change from the initial 1 FUD=1 USD equivalent claim to 1 FUD=10 USD equivalent claim with an additional early bird airdrop value, and the recommended price of FUD will fluctuate between 0<1 FUD≤50 USDT after the destruction. Holders of current FUD tokens do not need to do anything, and the value of tokens holding FUD will appreciate ten times.
(Early bird airdrop: DebtDao will airdrop the user the equivalent amount of FUD based on the actual debt amount announced by FTX over 20 million equivalent debts).
Huobi has always been committed to the philosophy of supporting quality assets and encouraging outstanding projects to explore and move forward in the industry. After communication and discussion with DebtDao, Huobi will support DebtDAO's proposal to destroy FUD and synchronize the latest data after DebtDAO's destruction.
DebtDao's official on-chain destruction will take place on February 7, 2023 (UTC). During the destruction period, FUD assets held by users, pending orders and order placement functions will not be affected.
Thank you for your support!
February 7, 2023
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