KuCoin CEO Johnny Lyu says that the digital asset exchange is launching a new fund to address fear, uncertainty, and doubt (FUD) along with misinformation in the crypto space.
Earlier this month, Lyu had to address claims that KuCoin is facing financial troubles due to its exposure to embattled crypto projects.
The executive denied the allegations saying that the company did not have dealings with the likes of Three Arrows Capital (3AC), Terra (LUNA) and Babel Finance.
To prevent similar issues from arising in the future, Lyu now announces that KuCoin is allocating resources to combat FUD.
“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.”
He says that the key focus areas of the fund involve an education campaign, industry leaders and influencers.
“Firstly, implement Anti-FUD education online and offline. We will leverage our global community in over 20 languages to deliver knowledge, including what is FUD and how to distinguish it, etc.
Secondly, motivate and acclaim industry leaders and influencers who are always responsible, delivering trusted information to their audiences, and helping them stay away from FUD.”
Lyu says that the project will also go after those who spread fear and misinformation.
“Thirdly, effectively trace FUDers who intentionally spread FUD and take legal actions against them if needed. The spread of FUD and panic harms projects, users, and the industry. Those actions must be held to account.”
He says that KuCoin is taking a proactive stance despite the challenges of fighting FUD in the crypto space.
“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.”
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