Johhny Lyu, the CEO of KuCoin, is launching an “Anti-FUD Fund” to track down and potentially sue people spreading nonsense about the company. In doing so, it wants to provide the crypto community with education in the field of misinformation.
Johnny Lyu on FUD
The CEO of KuCoin announced the fund in a July 26 Twitter thread. The announcement of the fund’s launch comes days after publishing a blog in which Lyu criticizes Twitterer “Otteroooo” for spreading misinformation about his company.
According to Lyu, the Anti-FUD fund focuses on three elements. In the first place on education about FUD and how to distinguish it from good information. Furthermore, it aims to motivate industry leaders to be accountable and provide reliable information.
Finally, the fund wants to detect nonsense and take legal action against individuals who deliberately spread misinformation. “Spreading FUD and panic harms projects, users and the industry. People need to be held accountable for that,” Lyu said.
Criticism of Web 2.0
Speaking to the Indian Express earlier this week, Lyu expressed his dissatisfaction with responsibility on the current internet. According to Lyu, on the Web 2.0 it is too easy to shout things and spread false information. He believes Web 3.0 technology has the potential to change that. This includes traceability and assignability.
Somehow those statements are also at odds with some values that the Web 3.0 generally pretends to represent. Especially in the field of privacy and control over your own data. The traceability and ability to punish people for their actions in any way, as Lyu envisions, doesn’t seem to fit in that entirely.
