KuCoin CEO Now Launches ‘Anti-FUD Fund’ To Take Legal Action Against FUDers

KuCoin CEO Now Launches ‘Anti-FUD Fund’ To Take Legal Action Against FUDers

KuCoin CEO Johnny Lyu claims that the company is establishing a “Anti-FUD Fund” to find “FUDers,” potentially pursue legal action against them, and educate cryptocurrency users on how to spot false information.

Only a few days after writing a blog post criticizing Twitter user Otteroooo for spreading false information about his company, Johnny Lyu, CEO of the exchange, disclosed the fund in a Tuesday Twitter thread.

The first of the three components of the Anti-FUD fund, according to Lyu, is education, which would “deliver knowledge, including what is FUD and how to distinguish it” through online and offline platforms.

The fund will also encourage and recognize business leaders and influencers that act responsibly, provide their audiences with reliable information, and help their followers in avoiding FUD.

Finally, the fund will work to identify those who “intentionally spread FUD” and may pursue legal action against them.

“The spread of FUD and panic harms projects, users, and the industry. Those actions must be held to account,” explained Lyu.

In an interview with Indian Express earlier this week, Lyu discussed market FUD, saying that those who spread rumors should be held accountable for their statements because they can have an impact on the market. He also stated that he thought Web3 technology could address the issues with traceability and accountability.

“The accountability mechanism in the Web 2.0 era is not mature enough and the cost of spreading rumors is very low.”

While emphasizing that the company is attempting to expand its services into India, he made the remarks to the outlet.

The creation of the fund comes soon after Lyu and Otteroooo, a whistleblower in the cryptocurrency industry, engaged in a heated argument on July 2.

Otteroooo claimed that KuCoin was exposed to the defunct Wrapped LUNA (wLUNA) coin, which plummeted dramatically in May and left the exchange bankrupt. Lyu refuted the claims that the exchange was bankrupt and exposed to LUNA internally. Twitter has since deleted Otteroooo’s account.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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