KuCoin CEO Johnny Lyu launches 'Anti-FUD Fund'

cointelegraph.com:

The CEO of crypto exchange KuCoin says it is launching an "Anti-FUD Fund" to track down and potentially take legal action against "FUDers" and educate crypto users on identifying misinformation.

Johnny Lyu, CEO of the exchange announced the fund in a July 26 Twitter thread and comes only days after publishing a blog post criticizing Twitter user "Otteroooo" for spreading misinformation about his firm. 

(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

Lyu said the Anti-FUD fund will cover three elements, the first being education, which will “deliver knowledge, including what is FUD and how to distinguish it” through online and offline means.

The fund will also motivate and spread acclaim for industry leaders and influencers who are responsible and help followers or product users avoid FUD.

Finally, the fund will seek to weed out and take legal action against individuals who “intentionally spread FUD.”

Speaking to Indian Express earlier this week, Lyu addressed the topic of market FUD saying that people who spread rumors should be held accountable for their words as they can affect the market and that Web 3.0 technology can help increase tracking technology.

He made the comments with the outlet at the same time as noting the firm is making efforts to expand its services into India.

The Fund’s launch comes a short time since Lyu had a heated exchange with crypto industry whistleblower Otteroooo on July 2.

Otteroooo accused KuCoin of having exposure to the former Wrapped LUNA (wLUNA) token which crashed