KuCoin’s anti-FUD fund appeared shortly after the exchange constantly faced accusations related to liquidity problems.
KuCoin exchange CEO Johnny Lyu says they are launching an “Anti-FUD Fund” to track and potentially take legal action against individuals spreading false rumors and educating money users. Code how to identify misinformation.
The fund launch took place in a short time since Mr. Johny Lyu had a rather “exciting” exchange with the Otteroooo account on July 23. Accordingly, Otteroooo accused KuCoin of being exposed to LUNA, causing the exchange to default. However, the KuCoin CEO denied this information, and Otteroooo’s account has now been removed from Twitter.
At the beginning of July 2022, KuCoin was rumored to be about to block users from withdrawing due to the liquidity crisis that has not shown any signs of stopping.
CEO Johnny Lyu said the “Anti-FUD Fund” consists of three elements. The first is education, which will provide knowledge, including what FUD is and how to differentiate them through online and offline means.
Ultimately, the fund will seek to effectively track and potentially take legal action against individuals who knowingly distribute FUD. Because KuCoin CEO asserts that spreading FUD will cause panic, seriously harming working projects, users, and the crypto industry.