KuCoin Crypto Exchange Launches New Anti-FUD fund. CEO Johnny Lyu posted the news on Twitter yesterday.
The Anti-FUD Fund
FUD stands for Fear, Uncertainty, and Doubt. People usually use this to spread misinformation about cryptocurrencies. KuCoin has decided to take action regarding this matter. Johnny Lyu said on Twitter that the Anti-FUD Fund would cover three things.
First, to educate about FUD in the community. It would be available in more than 20 languages.
Second, support influencers and industry leaders who help the community get out of FUD. These people have provided good information to keep people from FUD.
The last is tracing FUDers who spread misinformation and take legal actions. These actions can cause harm for users, investors, and the industry.
Johnny Lyu added that even though this will not stop FUDers, someone needs to step up.
(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
Previously on KuCoin and FUD
In early July, the CEO posted on Twitter to respond to an account spreading misinformation about KuCoin. The anonymous person was asking people to withdraw from KuCoin immediately. The tweet is currently unavailable and deleted.
Johnny Lyu responded, “Not sure who is spreading these sheer rumors, and what their intentions are.” He also added some details regarding the misinformation and said that KuCoin will always be transparent.
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
FUD is not something new in the crypto industry. Many people with intentions are always around to spread negative comments that would affect the community.
One account said, “You should know FUD will keep coming from all over the world.”
If you been through 2017-20 crypto bear market,
You should know FUD will keep on coming from all over the world.
Crypto is a threat to all the traditional financial system and their ridiculously outdated laws.
It is designed to instill fear to get u back to what they control
— John Kim/ Motivational (@TheJohnKimShow) July 27, 2022
Another account posted, “FUD coming from people who hold none of the tokens.”