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KuCoin’s anti-FUD fund comes shortly after the cryptocurrency exchange faced a series of accusations related to liquidity issues.
KuCoin exchange CEO Johnny Lyu said the company is deploying an “Anti-FUD Fund” to monitor and potentially take legal action against individuals who spread false rumors and Educate crypto users how to identify misinformation.
The launch of this fund comes in just a short time since Johnny Lyu had a rather “exciting” exchange with his Twitter account Otteroooo on July 23. Accordingly, Otteroooo accused KuCoin of being exposed to LUNA, causing the exchange to default. However, the KuCoin CEO denied this information and Otteroooo’s account has now been removed from Twitter.
At the beginning of July 2022, KuCoin was also rumored to be about to block users from withdrawing due to the liquidity crisis that has not shown any signs of stopping at the present time. At that time, big names like Celsius, Three Arrows Capital continuously filed for bankruptcy because of financial problems that seriously affected the whole market. The false rumors targeting KuCoin also made many investors on this exchange confused and caused considerable damage to the operation process.
See also: Criminals causing the crisis of the cryptocurrency market in 2022
CEO Johnny Lyu said the “Anti-FUD Fund” consists of three elements, the first is education, which will provide knowledge, including what FUD is and how to differentiate them through online and offline means. . The Foundation also encourages and celebrates industry leaders and influencers, who take responsibility, provide reliable information to their users, and help the tracking community avoid FUD.
Ultimately, the fund will seek to effectively track and potentially take legal action against individuals who knowingly distribute FUD. Because the CEO of KuCoin asserts that the spread of FUD will cause panic, harming seriously working projects, users and the crypto industry as a whole, just like what this exchange had to do. experienced before.
Speaking to Indian Express earlier this week, Mr. Johnny Lyu said that Web3 technology can solve the issues related to traceability as well as FUD accountability in a radical way.
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