THORChain plans to issue equity tokens to deal with $200 million debt crisis

As part of its restructuring efforts to resolve its debt crisis, THORChain's governing body has passed a major proposal to convert defaulted debt into equity tokens. Specifically, the approved plan involves converting defaulted debt into equity by issuing a new token called TCY to creditors. TCY token holders are entitled to 10% of THORChain's revenue in perpetuity. (The Block)