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Gungun Bhatia
Jul 27, 2022
by Gungun Bhatia

CEO of KuCoin Johnny Lyu Introduces "Anti-FUD Fund"

KuCoin Anti-FUD Fund

Table of contents

  1. Anti-FUD Fund For KuCoin Focuses On 3 Goals
The CEO of cryptocurrency exchange KuCoin claims that the company is forming an "Anti-FUD Fund" to track down "FUDers," take legal action against them, and instruct cryptocurrency users on how to spot false information. The fund was announced on July 26 by Johnny Lyu, CEO of the exchange, only days after he published a blog post denouncing Twitter user "Otteroooo" for propagating false information about his business.

Anti-FUD Fund For KuCoin Focuses On 3 Goals

The anti-FUD fund, Johnny Lyu said, will aim to reduce the occurrence of FUD in the cryptocurrency field. Consequently, it will have three goals.

  • First and foremost, the money will support physical and online anti-FUD education. KuCoin will use its worldwide network and more than twenty languages to achieve this aim, according to Mr. Lyu.

  • Second, the anti-FUD fund would encourage influential people in the sector to give their audiences accurate information.

  • Thirdly, the fund money will be used to find "FUDers who purposefully disseminate FUD and take legal action against them if necessary." Lyu said such people hurt initiatives, users, and businesses. He asserted that they must be made to account for their deeds.

    • In an interview with the Indian Express earlier this week, Lyu addressed the issue of market FUD, arguing that those who spread rumors should be held accountable for their actions since they would impact the market and that Web 3.0 technology might improve monitoring capabilities.

    In Mr. Lyu's opinion, developing the cryptocurrency sector is preferable to spreading false information. He stated:

    "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."

    Otteroooo said KuCoin was responsible for drawing attention to the outdated Wrapped LUNA (wLUNA) coin, which plummeted dramatically in May and rendered the alternative bankrupt. Lyu disputed the claims that the backup didn't go bankrupt and had inside information about LUNA. The Otteroooo account was later deleted from Twitter.

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    CEO of KuCoin Johnny Lyu Introduces "Anti-FUD Fund"
    Gungun Bhatia
    Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

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