Huobi Global founder ER Justin Sun said 18 million Debts of FTX users (FUD) tokens are now fully burned, resulting in a 10x return for all holders.

What happened: Following the token listing on Sunday, Huobi Exchange and Debtao announced that 18 million FUD tokens (representing 90% of the current token supply) would be irreversibly burned.

FUD token is only available on Tron blockchain and Huobi exchange.

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For the uninitiated, DebtDao is a project that issues FTX user debt as bond tokens, FUD, on behalf of FTX creditors.

Huobi said in a blog post that it would increase the value of the FUD token “due to the great enthusiasm of user subscriptions.”

The initial total supply of 20 million FUD tokens had increased to a much higher value 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, reducing the total issuance to just 2 million. According to Huobi, this will result in an increase in value from 1 FUD = 1 USD equivalent to 1 FUD = 10 USD equivalent – along with an early bird airdrop bonus – and a new suggested price of 1 FUD less than or equivalent to 50 USDT to lead .
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