Huobi Exchange Lists FTX Users’ Debt Token ‘FUD’ on Spot Trading

• Huobi Global has listed the FUD token on its spot trading.
• One FUD is equivalent to $1, and the initial issuance and liquidity are 20 million. 
• DebtDAO will airdrop FUD tokens to holders after FTX confirms its debt figure. 

Huobi Global, the leading Chinese crypto exchange, has said it will list FTX’s Users’ Debt (FUD) starting this week for spot trading. The business announced this development via its website early today, noting that withdrawals for FUD will open from Monday, February 6.

FTX Users’ Debt is a bond token for the highest quality creditors in the FTX event issued by DebtDAO. It is the top-quality FTX debt asset that Huobi is exclusively offering. 

The early bird issuance phase will sell FTX the debt at a discount. Notably, one FUD will be equivalent to $1, and the FUD’s initial issuance and liquidity are 20 million. 

After FTX restores the database or officially confirms the actual debt of the creditor, DebtDAO will issue a secondary public offering based on the exact amount of the debt and issue airdrops to all FUD holders.

According to DebtDAO’s rules, users who hold one FUD before the secondary public offering will receive an additional 2 FUDs from the airdrop. After the airdrop, DebtDAO will do a 1:1 debt buyback for users who hold FUD.

Furthermore, Huobi exchange stated that if there are no orders on the order book within 90% to 110% of the last price, all new market orders placed for buying or selling will be canceled automatically to prevent slippage. 

Huobi traders are to ensure sufficient risk assessment when trading the newly-listed token.

FTX collapsed last November with over $9 billion in customer funds. At its peak, the exchange was the second-largest after Binance, with a valuation of $32 billion.