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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