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FTX User Debt (FUD) Tokens Decline 10% As 18M Burn Becomes Imminent

Crypto exchange Huobi said DebtDAO would burn 18 million  FTX User Debt (FUD) tokens later today because it rallied to a much higher value than the recommended price, according to a Feb. 7 statement.

Debt DAO previously issued 20 million FUD tokens valued at $1 each, representing around $100 million owed to FTX creditors.

However, the token surged to around $115 on Feb. 5, forcing the DAO to consider burning the majority of the token’s supply to bring the debt valuation to its “fair value.”

The token has declined by over 10% and was trading for $69.80 as of press time, according to CoinMarketCap data.

Aavegotchi FUD Aavegotchi FUD $0.00
-0.98%
Huobi FUD
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