DebtDAO will burn 18 million FUD tokens on February 7

According to ChainCatcher, as reported by CoinDesk, the fair value of the FUD token previously proposed by DebtDAO should be below $1, but the current price of the token has surged to $113, resulting in a debt value exceeding $220 million. Therefore, DebtDAO will burn 18 million FUD tokens on February 7 to align the debt valuation with what DebtDAO considers the fair value.

It is reported that FUD is issued by DebtDAO, with an initial supply and circulation of 20 million tokens, accounting for 2% of the FTX debt. Each FUD token is valued at $1, equivalent to approximately $100 million owed to FTX creditors. DebtDAO states that the FUD token is designed to allow FTX creditors to assert their rights to the debt. (CoinDesk)