The CEO of cryptocurrency exchange KuCoin says he is launching a “Anti-FUD Fund” to track down and potentially take legal action against “FUDers” and educate crypto users on identifying disinformation.
Johnny Lyu, CEO of the exchange, ad the background in a Twitter thread on Tuesdaycoming just days after he published a blog post criticizing Twitter user Otteroooo for spreading misinformation about his company.
(1/5) FUD benefits no one except the FUDers. It misleads investors and harms the industry’s image and market confidence.
To build a crypto space with less FUD, #KuCoin is going to launch an Anti-FUD Fund.
Currently, the fund will mainly focus on…
thread pic.twitter.com/dWA93nEmHz
— Johnny_KuCoin (@lyu_johnny) July 26, 2022
(1/5) FUD benefits no one except those who spread it. It misleads investors and damages the image of the industry and the confidence of the market.
To build a crypto space with less FUD, #KuCoin is going to launch an Anti-FUD Fund.
Currently, the fund will primarily focus on…
thread
lyu said that the Anti-FUD fund will encompass three elements, the first of which is educationwhich will “deliver knowledge, including what FUD is and how to tell it apart” through online and offline media.
The fund will also motivate and cheer industry leaders and influencers that they are responsible, offer reliable information to their public and help their followers avoid FUD.
Finally, the fund will seek to effectively track down and potentially take legal action against individuals who “intentionally spread FUD”.
“The spread of FUD and panic harms projects, users and industry. Those actions must be held accountable,” Lyu explained.
Speaking to Indian Express earlier this week, Lyu addressed the issue of FUD in the market, stating that people who spread rumors should be held accountable for their words as they can affect the market, and added that he believes that Web3 technology can solve the problems related to traceability and responsibility:
“The accountability mechanism in the Web 2.0 era is not mature enough and the cost of spreading rumors is very low.”
He made the comments to the news outlet while noting that the company is making efforts to expand its services in India.
The fund’s launch comes shortly after Lyu had a heated exchange with crypto industry whistleblower Otteroooo. On July 2.
Otteroooo accused KuCoin of having exposure to the old Wrapped LUNA token (wLUNA), which fell dramatically in May, leaving the exchange insolvent. lyu denied that the exchange had internal exposure to LUNA and that it was not insolvent. Otteroooo’s account has been removed from Twitter.
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