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This news came a few days after the CEO had uploaded a blog post bashing Twitter account holder Otteroooo for communicating wrong information about KuCoin across their social media handles.
Johnny Lyu, the famous Chief Executive Officer of KuCoin, has taken to his Twitter account to announce an “Anti-FUD Fund” that will enable tracing and identification of FUDers in the market. The plan is to eventually have these entities in the market legally prosecuted for inventing and spreading misinformation and fake news while educating newer crypto participants about the industry.
FUD essentially stands for fear, uncertainty, and doubt, and is a prominent game plan to incite conflicts and anxiety among customers and investors in any market. It is a notorious strategy to exploit fear and lack of information among the masses simply by broadcasting damaging and suspicious news.
In his post on Twitter on the 26th of July, Johnny Lyu launched the fund calling out such malpractices on social media and other platforms. This news comes a few days after the CEO had uploaded a blog post bashing Twitter account holder Otteroooo for communicating wrong information about KuCoin across their social media handles.
According to KuCoin CEO, the Anti-FUD trust will span over three major components. The first component of the three would be education, which will ensure awareness among people so that they can make an accurate decision on what exactly is FUD. The fund has also been designed to approach and honor industry executives who are familiar faces in the market and have them promote specific products to prevent as much FUD as possible. The last component of the fund would be to legally prosecute market entities who deliberately circulate wrong information and cause FUD.
In another address to Indian Express last week, Lyu talked about the issue of FUD claiming that the mischievous elements of society should be made accountable for their actions since they are extremely aware of the consequences of their activities. Having said that, Johnny Lyu added that the company KuCoin has had a solid ambition to extend its services to India.
On July 2nd, a prominent crypto figure on Twitter and blockchain investigator @otteroooo posted a warning to all KuCoin users to withdraw their money while claiming that the exchange may soon stop all users from withdrawing funds. The Twitter notice was floated linking the Terra and 3AC crash, which resulted in extended exposure of the exchange to collapsed tokens. According to the now-deleted Twitter account, this had led to insolvency in the exchange.
KuCoin, however, was quick to deny any such allegations, claiming that the exchange is enjoying a concrete withhold while revealing the most recent $150 million funding that estimated the firm’s valuation at $10 billion. Furthermore, Lyu also confirmed that the company was looking into conducting mass recruitments for several positions opening up following the inflow of money.