Johnny Lyu, the CEO of crypto exchange KuCoin said it is launching an “Anti-FUD Fund” to track down and potentially take legal action against “FUDers” and educate crypto users on identifying misinformation.
It has been reported that he announced the fund in a Tuesday Twitter thread, coming only days after publishing a blog post criticizing Twitter user Otteroooo for spreading misinformation about his firm.
However, Lyu said the Anti-FUD fund will cover three elements, the first being education, which will “deliver knowledge, including what is FUD and how to distinguish it” through online and offline means. The fund will also motivate and acclaim industry leaders and influencers who are responsible, deliver trusted information to their audiences and help their followers avoid FUD.
The report said that the fund will seek to effectively trace and potentially take legal action against individuals who “intentionally spread FUD.”
“The spread of FUD and panic harms projects, users, and the industry. Those actions must be held to account.”
Likewise, Lyu addressed the topic of market FUD, saying that people who spread rumors should be held accountable for their words, as they can affect the market, adding that he believes Web3 technology can solve the problems relating to traceability and accountability.
Thus, he said:
“The accountability mechanism in the Web 2.0 era is not mature enough and the cost of spreading rumors is very low.”