FUD misleads investors and harms the crypto industry’s image, Johnny Lyu said on Tuesday.
Johnny Lyu, KuCoin CEO, has revealed today plans for a fund which he claims will address the issue of misinformation and disinformation. This is commonly known as FUD (fear uncertainty and doubt) within the crypto space.
Lyu announced the plans in a Twitter post thread Tuesday
He highlighted that “FUD benefits no one except the FUDers” and that apart from misleading investors, it “harms the industry’s image and market confidence.”
KuCoin’s chief believes that the Anti FUD Fund initiative his platform plans to launch will help combat FUD in the crypto industry, which will be beneficial for investors as well as the whole space.
A fund to combat FUD, with three initial targets
Over the past few months, the crypto industry has seen the collapse of several of the most prominent companies in the sector such as Three Arrows Capital (Centimal Network), Voyager Digital, and Celsius Network. And over the past few weeks, FUD across crypto Twitter has been about KuCoin’s solvency.
The exchange’s announcement of a funding round only triggered more FUD – to which Lyu and KuCoin responded to.
This FUD has been clarified yesterday.
Translation:
– No exposure to LUNA & wLUNA
– Recent fundraising has nothing to do with the market downtrend
I will share the whole conversation between me. @otteroooo shortly. Everything was explained, but the otter myth is still a mystery. pic.twitter.com/mUHXwnxrDo
— Johnny_KuCoin (@lyu_johnny) July 23, 2022
To help combat unnecessary FUD, the Anti-FUD Fund will pursue three goals.
According to Lyu, the first goal is to “implement Anti-FUD education online and offline” with the exchange leveraging its global community to spread information about what makes FUD and how to spot it. This will be translated into over 20 languages.
Another option is to use industry leaders or responsible influencers to motivate them and tap into their reach to provide trusted information to the public. KuCoin CEO said that the goal is to keep audiences away from FUD.
The third approach will target FUDers – those deemed to be deliberately spreading misleading information. The fund will allocate resources to locate and initiate legal action against such platforms or individuals.
“The spread of FUD and panic harms projects, users, and the industry,” Lyu noted, saying that such actions must see those responsible “held to account.”
