KuCoin CEO, Johnny Lyu, has announced that the exchange will launch an anti-FUD fund.
The fund will focus on educating the global community on how to spot FUD.
The focus will also be on motivating industry leaders and influencers to provide trusted information.
The anti-FUD fund will be used to trace FUDers and take legal actions against them.
KuCoin will soon launch a new fund to fight FUD (Fear, Uncertainty, and Doubt).
KuCoin CEO, Johnny Lyu, made the announcement of the launch of the anti-FUD fund through Twitter. He also explained that FUD ‘misleads investors and harms the industry image and market confidence.’
(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
KuCoin’s Anti-FUD Fund Will Have 3 Objectives.
He explained that the anti-FUD fund will be geared towards reducing the phenomenon in the crypto space. It will therefore have three objectives.
Firstly, the fund will assist in anti-FUD education, online and offline. Mr. Lyu explained that KuCoin will leverage its global community and utilize over twenty languages to accomplish this goal.
Secondly, the anti-FUD fund will motivate industry leaders and influencers to provide their audiences with reliable and trusted information.
Thirdly, the fund will finance the tracing of ‘FUDers who intentionally spread FUD and take legal actions against them if needed.’ He explained that such individuals harm projects, users, and the industry. They need to be held accountable for their actions.
Don’t FUD, BUIDL – KuCoin CEO.
Mr. Lyu added that building the crypto industry was a far better option than creating FUD. He said:
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 Debunked Another Rumor.
News of KuCoin launching an anti-FUD fund came less than three days after the exchange had debunked a new set of rumors by crypto Twitter community member @otteroooo, who has since disappeared from the social media platform.
According to @otteroooo, KuCoin had significant financial exposure to Wrapped LUNA classic (wLUNC). However, through a lengthy Twitter conversation, Johnny Lyu provided evidence that KuCoin had no such exposure and was thus financially sound.
Furthermore, Terra community member, @FatManTerra, pocked holes into @otteroooo sources of information by questioning whether he had verified if the information was from a former KuCoin employee or a random Twitter user.
If the entire thread is based on random anonymous accounts making claims then I would just ignore it. If it’s not a verified employee then the info is useless. Also, Johnny, any chance you could DM me? I have a question if I may
— FatMan (@FatManTerra) July 23, 2022