Johnny Lyu, CEO of the trade introduced the fund in a July 26 Twitter thread and comes solely days after publishing a weblog put up criticizing Twitter consumer “Otteroooo” for spreading misinformation about his agency.
(1/5) FUD advantages nobody besides the FUDers. It misleads traders and harms the business’s picture and market confidence.
To construct a crypto area with much less FUD, #KuCoin goes to launch an Anti-FUD Fund.
Presently, the fund will primarily give attention to…
— Johnny_KuCoin (@lyu_johnny) July 26, 2022
Lyu mentioned the Anti-FUD fund will cowl three components, the primary being training, which is able to “ship data, together with what’s FUD and find out how to distinguish it” by on-line and offline means.
The fund may also inspire and unfold popularity of business leaders and influencers who’re accountable and assist followers or product customers keep away from FUD.
Lastly, the fund will search to weed out and take authorized motion towards people who “deliberately unfold FUD.”
Talking to Indian Specific earlier this week, Lyu addressed the subject of market FUD saying that individuals who unfold rumors ought to be held accountable for his or her phrases as they’ll have an effect on the market and that Internet 3.0 expertise can assist enhance monitoring expertise.
“The accountability mechanism within the Internet 2.0 period is just not mature sufficient and the price of spreading rumors may be very low.”
He made the feedback with the outlet similtaneously noting the agency is making efforts to develop its providers into India.
The Fund’s launch comes a short while since Lyu had a heated trade with crypto industry whistleblower Otteroooo on July 2.
Otteroooo accused KuCoin of getting publicity to the previous Wrapped LUNA (wLUNA) token which crashed in dramatic fashion in Could, leaving the trade bancrupt. Lyu denied that the trade had inside exposure to LUNA and isn’t bancrupt. Otteroooo’s account has since been eliminated from Twitter.
Lyu’s new campaign towards FUD and the people who unfold it might be welcome information to many within the crypto business, however it might include a caveat. Whereas some defenders of crypto initiatives try to struggle again towards false claims designed to denigrate a challenge, others imagine that any unfavourable press is FUD no matter its veracity.
An instance of the latter comes from the founding father of on-line funding platform BanktoTheFuture Simon Dixon. He identified on July 26 that his qualms about beleaguered crypto lender Celsius’s stability sheet had been met with criticisms that he was merely spreading FUD. Nonetheless, Dixon, who has supported several efforts to rescue Celsius from its troubles, claimed that his issues had been authentic and data-based.