The CEO of crypto trade KuCoin says it’s launching an “Anti-FUD Fund” to trace down and probably take authorized motion towards “FUDers” and educate crypto customers on figuring out misinformation.
Johnny Lyu, CEO of the trade introduced the fund in a July 26 Twitter thread and comes solely days after publishing a weblog submit criticizing Twitter consumer “Otteroooo” for spreading misinformation about his agency.
(1/5) FUD advantages nobody besides the FUDers. It misleads buyers and harms the business’s picture and market confidence.
To construct a crypto house with much less FUD, #KuCoin goes to launch an Anti-FUD Fund.
Currently, the fund will primarily deal with…
— Johnny_KuCoin (@lyu_johnny) July 26, 2022
Lyu mentioned the Anti-FUD fund will cowl three components, the primary being training, which can “deliver knowledge, including what is FUD and how to distinguish it” by way of on-line and offline means.
The fund may also encourage and unfold approval for business leaders and influencers who’re accountable and assist followers or product customers keep away from FUD.
Finally, the fund will search to weed out and take authorized motion towards people who “intentionally spread FUD.”
Speaking to Indian Express earlier this week, Lyu addressed the subject of market FUD saying that individuals who unfold rumors ought to be held accountable for his or her phrases as they will have an effect on the market and that Web 3.0 know-how may also help improve monitoring know-how.
“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 feedback with the outlet similtaneously noting the agency is making efforts to increase its providers into India.
The Fund’s launch comes a short while since Lyu had a heated trade with crypto business whistleblower Otteroooo on July 2.
Otteroooo accused KuCoin of getting publicity to the previous Wrapped LUNA (wLUNA) token which crashed in dramatic style in May, leaving the trade bancrupt. Lyu denied that the trade had inside publicity to LUNA and isn’t bancrupt. Otteroooo’s account has since been eliminated from Twitter.
Lyu’s new campaign towards FUD and the people who unfold it could be welcome information to many within the crypto business, however it could include a caveat. Whereas some defenders of crypto initiatives try to combat again towards false claims designed to denigrate a mission, others consider that any damaging press is FUD no matter its veracity.
An instance of the latter comes from the founding father of on-line funding platform BanktoTheFuture Simon Dixon. He identified on July 26 that his qualms about beleaguered crypto lender Celsius’s stability sheet had been met with criticisms that he was merely spreading FUD. However, Dixon, who has supported a number of efforts to rescue Celsius from its troubles, claimed that his considerations had been reliable and data-based.