The CEO of KuCoin, Johnny Lyu in an attempt to erase FUD in the cryptosphere has launched a dedicated fund. The CEO announced the launch of the Anti-FUD fund in a Twitter thread earlier this week.
(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
— Johnny_KuCoin (@lyu_johnny) July 26, 2022
The new development is coming weeks after Johnny engaged and bashed a user on Twitter. The user had spread misleading information concerning KuCoin. According to Johnny, the Anti-FUD funds will be channeled into three key areas; education, reward, and prosecution.
Firstly, the funds will be channeled into educating members of the crypto community. The awareness campaign will allow people, especially newbies, to identify and make decisions regarding FUDs.
Furthermore, parts of the funds will be used to motivate popular figures and influencers in the industry. These individuals will be tasked with propagating trusted information. The information will help followers avoid FUD and quell the activities of FUDers.
Lastly, with the funds, it will trace and possibly prosecute entities who deliberately spread false information and cause FUD. Earlier this month, a FUDer took to Twitter to allege that the exchange plans to halt withdrawals.
Confidently Lyu dispelled the said rumors making the rounds that it plans to halt withdrawals. He further said the FUDer was only spreading misleading information and all of the exchange services are working fine.
The CEO had also threatened legal action against individuals spreading the rumors and creating panic amongst its members.
What is FUD?
FUD in crypto parlance is an acronym for fear, uncertainty, and doubts. It is essentially deployed to create conflicts, mistrust, and anxiety amongst members of the crypto community.
The perpetrators achieve this by broadcasting damaging and false news about a firm or project. This damaging news dampens the investor’s confidence and negatively affects a project.
Buttressing this point, Johnny said FUDers are the only ones benefiting from FUDs. FUDs mislead investors and damage the industry image and market confidence. He stressed the need for prosecuting FUDers as their comments have a great impact on the market.
While concluding his post, the CEO said KuCoin plans to extend its services into the Indian market.