Johnny Lyu, the CEO of KuCoin crypto exchange, is taking measures to identify those spreading misinformation around the nascent sector. Lyu has announced the launch of an “Anti-FUD Fund” to take action against ‘fuders’ and also to help crypto investors distinguish between genuine information and fake data around the digital assets industries. This move by Lyu comes after recently a Twitter user ‘Otteroooo’ was called-out by Lyu for spreading fake information about KuCoin. Lyu has made an official announcement around this fund on Twitter.
As per the KuCoin chief, this anti-fud fund will deliver knowledge around crypto, encourage industry leaders to engage with the crypto community, and initiate legal action against fake news spreaders.
(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 :point_down: pic.twitter.com/dWA93nEmHz
— Johnny_KuCoin (@lyu_johnny) July 26, 2022
Lyu has stated clearly, that if misinformation is not controlled timely, it would have a direct negative impact on the growth of the Web3 industry.
More scams would also need more security measures, which will give birth to more tracking technologies, Lyu has predicted.
Recently, the now defunct Twitter account of @otteroooo had started spreading rumours of a potential ban on the withdrawal of funds from KuCoin.
Lyu had tweeted reacting to these speculations while noting that his firm was operating well.
Be aware of FUDs!
Not sure who’s spreading these sheer rumors, and what their intentions are, but #KuCoin does not have any exposure to LUNA, 3AC, Babel, etc.
No “immense suffer” from any “coin collapse”, no plan to halt withdrawal, everything on KuCoin is operating well.
— Johnny_KuCoin (@lyu_johnny) July 2, 2022
Singapore’s financial regulator recently accused embattled crypto hedge fund Three Arrows Capital of exceeding its assets threshold and providing false information around it.
These kinds of cases are bound to shake the already delicate foundation of trust on the digital assets sector.
In a bid to safeguard members of the crypto community from falling prey to websites spreading false information, the Australian Competition and Consumer Commission (ACCC) has opened a trial, aiming to activate their auto-takedown from the Web.