KuCoin, one of the most popular crypto exchanges in South Korea with over $1 billion worth of daily trading, announced that they are launching an “Anti-FUD Fund” to track and potentially take legal action against individuals or groups spreading misinformation about crypto assets.
The exchange’s Anti-FUD Fund comes shortly after KuCoin CEO Johnny Lyu’s blog post, which heavily criticized Twitter user “Otteroooo” for spreading misinformation about his firm.
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(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
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What is the Anti-FUD Fund
Lyu said the Anti-FUD fund would cover three elements, the first being knowledge, including what FUD is and how you can differentiate it. This will happen online or offline, depending on the needs of each person/organization in question.
This fund will also motivate and acclaim industry leaders and responsible influencers who deliver trusted information to their audiences and help their followers avoid FUD.
Finally, the fund will target those who spread FUD with a laser-like focus and take legal action against them.
Lyu says that those who spread FUD (fear, uncertainty, and doubt) should be held accountable for their words as they can affect market sentiment. He also suggested Web3 technology to help track rumors on social media platforms.
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“The accountability mechanism in the Web 2.0 era is not mature enough and the cost of spreading rumours is very low.”
He also announced that the company is making efforts to expand its services into India.
