‘Anti-Fud Fund’ Launched by KuCoin CEO to Trigger Awareness, Education, Protection Around Crypto

This move by Lyu comes after recently a Twitter user ‘Otteroooo’ was called-out by Lyu for spreading fake information about KuCoin.

‘Anti-Fud Fund’ Launched by KuCoin CEO to Trigger Awareness, Education, Protection Around Crypto

Photo Credit: Twitter/ KuCoin

The Web3 industry is still in its developing stage hence misinformation around it spreads easily

Highlights
  • Details around the financial part of this fund remain unknown
  • KuCoin chief aims to prevent financial frauds via crypto
  • Johnny Lyu will also keep legal aid around against fake news mongers

Johnny Lyu, the CEO of KuCoin crypto exchange, is taking measures to identify those spreading misinformation around the nascent sector. Lyu has announced the launch of an “Anti-FUD Fund” to take action against ‘fuders' and also to help crypto investors distinguish between genuine information and fake data around the digital assets industries. This move by Lyu comes after recently a Twitter user ‘Otteroooo' was called-out by Lyu for spreading fake information about KuCoin. Lyu has made an official announcement around this fund on Twitter.

As per the KuCoin chief, this anti-fud fund will deliver knowledge around crypto, encourage industry leaders to engage with the crypto community, and initiate legal action against fake news spreaders.

Lyu has stated clearly, that if misinformation is not controlled timely, it would have a direct negative impact on the growth of the Web3 industry.

More scams would also need more security measures, which will give birth to more tracking technologies, Lyu has predicted.

Recently, the now defunct Twitter account of @otteroooo had started spreading rumours of a potential ban on the withdrawal of funds from KuCoin.

Lyu had tweeted reacting to these speculations while noting that his firm was operating well.

Singapore's financial regulator recently accused embattled crypto hedge fund Three Arrows Capital of exceeding its assets threshold and providing false information around it.

These kinds of cases are bound to shake the already delicate foundation of trust on the digital assets sector.

In a bid to safeguard members of the crypto community from falling prey to websites spreading false information, the Australian Competition and Consumer Commission (ACCC) has opened a trial, aiming to activate their auto-takedown from the Web.


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Radhika Parashar
Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More
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