The controversial FTX User Debt (FUD) token issued by unknown 'DebtDAO' soared in price to unexpected heights on Monday, resulting in a decision to burn 18 million tokens to bring its value back down to its initial supposed representation of FTX's debt.

DebtDAO's bond token, FUD, was issued last week as an alleged portrayal of FTX's debt. Each token was meant to have a value of $1 which amounted to around $100 million owed to FTX creditors.

Hosted on Acast. See acast.com/privacy for more information.