Johnny Lyu, the CEO of crypto exchange KuCoin, has revealed that the exchange is launching an “Anti-FUD Fund” to track down and potentially take legal action against “FUDers.”
The fund would also educate crypto users on identifying misinformation.
Lyu announced the fund in a Tuesday Twitter thread.
Days earlier, Lyu had published a blog post criticizing Twitter user Otteroooo for spreading misinformation about his firm.
According to Lyu, the Anti-FUD fund will cover three elements: education (against FUD), motivating and acclaiming industry leaders and influencers who are responsible, deliver trusted information, and tracing and potentially taking legal action against individuals who “intentionally spread FUD.”
Speaking to Indian Express earlier this week, 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.
The fund’s launch comes a short time since Lyu had a heated exchange with crypto industry whistleblower Otteroooo on July 2.
Otteroooo accused KuCoin of having exposure to the former Wrapped LUNA (wLUNA) token, which crashed in dramatic fashion in May, leaving the exchange insolvent.
Lyu denied that the exchange had internal exposure to LUNA and is not insolvent.
Otteroooo’s account has since been removed from Twitter.