Johnny Lyu, the CEO of KuCoin, has announced on his Twitter page that the exchange will launch an “Anti-FUD Fund” to combat FUD in the cryptocurrency space. The goal of the fund is to reduce FUD through education and by taking legal action against proponents of FUD or FUDders who spread misinformation.
This comes after some crypto exchanges, including KuCoin, were victims of FUD caused by misinformation about their liquidity.
The CEO released a thread on KuCoin’s plan to launch the Anti-FUD Fund.
“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;
Firstly, implement Anti-FUD education online and offline. We will leverage our global community in over 20 languages to deliver knowledge, including what FUD is and how to distinguish it, etc.
Secondly, motivate and acclaim industry leaders and influencers who are always responsible, delivering trusted information to their audiences, and helping them stay away from FUD.
Thirdly, effectively trace FUDers who intentionally spread FUD and take legal actions against them if needed. The spread of FUD and panic harms projects, users, and the industry. Those actions must be held to account.
I am certain that these initiatives can hardly erase all the FUD in our industry, but we have to take the first step, and every step counts. Don’t FUD, #BUIDL “
KuCoin had recently faced a serious FUD case when a whistleblower, Otteroooo, claimed that the exchange was experiencing liquidity issues due to its exposure to the former Wrapped LUNA (wLUNA) token.
Following the Terra debacle, the LUNA token and the Wrapped LUNA token plummeted, forcing some crypto firms out of business. Otteroooo alleged that KuCoin was hiding its solvency issues caused by the exposure, which KuCoin’s CEO vehemently denied.
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