Navigating FUD (fear, uncertainty, doubt) is part and parcel of being in the crypto space. Its a tool used both by critics of the space, who “spread FUD,” and cheerleaders, who dismiss such negative information that are spread about cryptocurrencies online as FUD.
Now, crypto exchange KuCoin, which has been the subject of numerous rumors of layoffs and insolvency in recent weeks, is taking matters into its own hands – by launching an “Anti-FUD Fund” to “build a crypto space with less FUD.”
Details are sparse at the moment, but according to a tweet by CEO Johnny Lyu, KuCoin will “implement Anti-FUD education online and offline,” help industry leaders and influencers stay away from FUD, and “trace FUDers who intentionally spread FUD and take legal actions against them if needed.”
(1/5) FUD benefits no one except the FUDers. It misleads investors and harms the industry’s image and market confidence.— Johnny_KuCoin (@lyu_johnny) July 26, 2022
To build a crypto space with less FUD, #KuCoin is going to launch an Anti-FUD Fund.
Currently, the fund will mainly focus on…
thread 👇 pic.twitter.com/dWA93nEmHz
“The spread of FUD and panic harms projects, users, and the industry. Those actions must be held to account,” Lyu said.
The rumors seem to have originated from a now-deleted Twitter account “otteroooo,” which earlier this month claimed the exchange was insolvent, citing a former employee, who said it was $500 million in the hole.
Lyu has shared his conversation with the user on KuCoin’s blog, and clarified that the exchange does not have any exposure to LUNA & wLUNA, and that it still has some 300 job openings.