Crypto KOL: The FTX bond token FUD issued by Debt DAO may violate securities laws

ChainCatcher news, financial lawyer on Twitter @wassielawyer stated that the FTX bond token FUD issued by Debt DAO violates securities laws. He referred to the token as "potentially non-existent securitized junk debt." Furthermore, wassielawyer indicated that not all debt claims are equal and fungible.

It is reported that Debt DAO is supported by Justin Sun and aims to allow FTX creditors to have better control over their assets. Debt DAO issued 20 million FUD tokens on the Tron network, each valued at 1 dollar. After FTX confirms the debt amount, additional airdrop tokens will be issued. DebtDAO will conduct a 1:1 debt buyback for FUD holders after the airdrop. (Cryptoslate)