KuCoin's CEO to Roll Out Anti-FUD Fund to Fight Misinformation

Johnny Lyu, the CEO of crypto exchange Kucoin, has recently revealed that the firm would be rolling out an Anti-FUD Fund that will focus on tracking down misinformation and disinformation.

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According to the official announcement issued on July 26th, Lyu believes that all FUDers who are harming the whole crypto industry will eventually be identified, with the help of three main steps that the fund will be following.

The official tweet stated that the fund will firstly provide education to people on what exactly is a FUD, then assist various companies and industry executives in promoting products that can prevent FUD, and, lastly, identify, trace, and legally prosecute individuals who intentionally spread FUD.

"I am certain that these initiatives can hardly erase all the FUD in our industry, but we have to take the first step, and every step counts," Lyu added.

Kucoin's CEO previously shed some light on the situation in the market when it comes to FUDers. He stated that "the accountability mechanism in the Web2 era is not mature enough and the cost of spreading rumors is very low." However, as the industry is shifting towards Web3, the technology brings far more opportunities for traceability.

The news actually arrived right after the CEO took to Twitter to issue a post about one user in the community called Otteroooo that apparently spread fake news about KuCoin. The whistleblower claimed that the company was part of the reason why the Wrapped LUNA token suffered from a massive downfall.

On another note, earlier this year, the cybersecurity organization SonicWall revealed some troubling statistics, indicating that the services industry has faced a significant 269% increase in cryptojacking incidents.