KuCoin CEO, Johnny Lyu, made the announcement of the launch of the anti-FUD fund. The fund will focus on educating the global community on how to spot FUD.
KuCoin will soon launch a new fund to fight FUD (Fear, Uncertainty, and Doubt). KuCoin CEO, Johnny Lyu, made the announcement of the launch of the anti-FUD fund through Twitter. He also explained that FUD ‘misleads investors and harms the industry image and market confidence.’
KuCoin’s Anti-FUD Fund Will Have 3 Objectives
He explained that the anti-FUD fund will be geared towards reducing the phenomenon in the crypto space. It will therefore have three objectives.
Firstly, the fund will assist in anti-FUD education, online and offline. Mr. Lyu explained that KuCoin will leverage its global community and utilize over twenty languages to accomplish this goal.
Secondly, the anti-FUD fund will motivate industry leaders and influencers to provide their audiences with reliable and trusted information.
Thirdly, the fund will finance the tracing of ‘FUDers who intentionally spread FUD and take legal actions against them if needed.’ He explained that such individuals harm projects, users, and the industry. They need to be held accountable for their actions.
Don’t FUD, BUIDL – KuCoin CEO
Mr. Lyu added that building the crypto industry was a far better option than creating FUD. He said:
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.
KuCoin Had Recently Debunked Another Rumor.
News of KuCoin launching an anti-FUD fund came less than three days after the exchange had debunked a new set of rumors by crypto Twitter community member @otteroooo, who has since disappeared from the social media platform.
According to @otteroooo, KuCoin had significant financial exposure to Wrapped LUNA classic (wLUNC). However, through a lengthy Twitter conversation, Johnny Lyu provided evidence that KuCoin had no such exposure and was thus financially sound.
Furthermore, Terra community member, @FatManTerra, pocked holes into @otteroooo sources of information by questioning whether he had verified if the information was from a former KuCoin employee or a random Twitter user.