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KuCoin Will Launch a New Fund to Fight FUD, Says CEO

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KuCoin Will Launch a New Fund to Fight FUD, Says CEO

Summary:

  • KuCoin CEO, Johnny Lyu, has announced that the exchange will launch an anti-FUD fund.
  • The fund will focus on educating the global community on how to spot FUD.
  • The focus will also be on motivating industry leaders and influencers to provide trusted information.
  • The anti-FUD fund will be used to trace FUDers and take legal actions against them.

KuCoin will soon launch a new fund to fight FUD (Fear, Uncertainty, and Doubt).

KuCoin CEO, Johnny Lyu, made the announcement of the launch of the anti-FUD fund through Twitter. He also explained that FUD ‘misleads investors and harms the industry image and market confidence.’

(1/5) FUD benefits no one except the FUDers. It misleads investors and harms the industry’s image and market confidence.

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

— Johnny_KuCoin (@lyu_johnny) July 26, 2022

KuCoin’s Anti-FUD Fund Will Have 3 Objectives.

He explained that the anti-FUD fund will be geared towards reducing the phenomenon in the crypto space. It will therefore have three objectives.

Firstly, the fund will assist in anti-FUD education, online and offline. Mr. Lyu explained that KuCoin will leverage its global community and utilize over twenty languages to accomplish this goal.

Secondly, the anti-FUD fund will motivate industry leaders and influencers to provide their audiences with reliable and trusted information.

Thirdly, the fund will finance the tracing of ‘FUDers who intentionally spread FUD and take legal actions against them if needed.’ He explained that such individuals harm projects, users, and the industry. They need to be held accountable for their actions.

Don’t FUD, BUIDL – KuCoin CEO.

Mr. Lyu added that building the crypto industry was a far better option than creating FUD. He said:

I am certain that these initiatives can hardly erase all the FUD in our industry, but we have to take the first step, and every step counts. Don’t FUD, BUIDL.

KuCoin Had Recently Debunked Another Rumor.

News of KuCoin launching an anti-FUD fund came less than three days after the exchange had debunked a new set of rumors by crypto Twitter community member @otteroooo, who has since disappeared from the social media platform.

According to @otteroooo, KuCoin had significant financial exposure to Wrapped LUNA classic (wLUNC). However, through a lengthy Twitter conversation, Johnny Lyu provided evidence that KuCoin had no such exposure and was thus financially sound.

Furthermore, Terra community member, @FatManTerra, pocked holes into @otteroooo sources of information by questioning whether he had verified if the information was from a former KuCoin employee or a random Twitter user.

If the entire thread is based on random anonymous accounts making claims then I would just ignore it. If it’s not a verified employee then the info is useless. Also, Johnny, any chance you could DM me? I have a question if I may

— FatMan (@FatManTerra) July 23, 2022

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Ethereum

Youtube Crypto Influencer BitBoy Crypto Warns That He Is Planning Something That “Will Permanently Change Crypto”

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Youtube Crypto Influencer BitBoy Crypto Warns That He Is Planning Something That “Will Permanently Change Crypto”

TL;DR

  • Ben Armstrong, also known as BitBoy Crypto warns his followers that he is planning something which will change the crypto industry forever. 
  • BitBoy Crypto is a Youtube influencer that has more than 1.5 million followers on his YouTube account.

The controversial but well-known youtube crypto influencer Ben Armstrong, also known as BitBoy Crypto by his Youtube community, posted a tweet yesterday saying that he is working on something huge that will permanently change the crypto industry. 

‘I’m working on something huge. So big that it will permanently change crypto as we know it. We are going to be taking power from the ultimate gatekeepers in the United States government. That’s all I can say for now.”

BitBoy Crypto

BitBoy crypto is a famous crypto influencer that has amassed over 1.5 million followers on his Youtube account and almost 1M followers in his official Twitter account. His influence is significant in the crypto industry, albeit it is also riddled with controversy along with other crypto influencers. 

A CNBC Report shows that BitBoy Crypto and other crypto influencers openly accept large crypto promotions to promote various crypto projects. He also confirmed that he could easily make $100,000 per month only through his promotions. 

According to this CNBC report many of the cryptocurrency ventures BitBoy has promoted have plummeted in value, such as Ethereum Yield, Cypherium and MYX Network. BitBoy deleted these promotional videos shortly after. 

Armstrong has previously said that he discloses all his paid partnerships

US Government Recently Sanctioned Tornado Cash

The US government only recently announced that they would prohibit American citizens from interacting with mixers such as Tornado Cash. The crypto community was not pleased with this decision, and some community members called this a “War on Code” or a direct attack on privacy.

Forks of Tornado Cash and other alternatives to use Tornado Cash after the ban are already being posted all over Twitter.

It is unclear whether Bitboy is planning to do something related with the recent sanctions or if his tweet is entirely unrelated.

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Polkadot Stablecoin Depegs Following $1.2 Billion Acala Network Exploit

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Polkadot Stablecoin Depegs Following $1.2 Billion Acala Network Exploit

TL;DR

  • Acala network, the defi protocol for Polkadot, has suffered a breach, and its stablecoin depegged from the dollar. 
  • Acala Network’s aUSD stablecoin currently sits below $1, dropping as low as 0.58 at one point.
  • It is reported that hackers collected approximately $1.2 Billion $AUSD.

Polkadot’s decentralized finance protocol Akala Network is in significant trouble as reports show that the hub suffered a breach today, causing its stablecoin to depeg from the dollar.

Acala Network reported today via their official Twitter account that the team had noticed a configuration issue that affects the stablecoin AUSD.

They passed an urgent vote to pause operations on Acala to investigate and mitigate the problem.

We have noticed a configuration issue of the Honzon protocol which affects aUSD. We are passing an urgent vote to pause operations on Acala, while we investigate and mitigate the issue. We will report back as we return to normal network operation.

— Acala (@AcalaNetwork) August 14, 2022

Users quickly identified the attacker’s wallet on Twitter. The wallet currently holds more than 1 billion $AUSD according to SubScan.

Binance’s CEO CZ quickly confirmed on his official Twitter account that the compromise occurred due to a bug in the iBTC/AUSD pool. 

According to CoinMarketCap, the stablecoin is currently 11.67% under $1, sitting at $0.88.6.

“We have identified the issue as a misconfiguration of the iBTC/aUSD liquidity pool (which went live earlier today) that resulted in error mints of a significant amount of aUSD.” Acala reported on their Twitter account today.

“If you are a whitehat/recipient of errorneously minted aUSD or swapped token from these aUSD that are not on Acala, please transfer them to addresses below :

On Polkadot: 13YMK2eYoAvStnzReuxBjMrAvPXmmdsURwZvc62PrdXimbNy

On Moonbeam: 0x7369626cd0070000000000000000000000000000 5″

Acala Network also has paused most chain functions until further notice.

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Michael Saylor “I’d Rather Win in Volatile Fashion Than Lose Slowly, Sell your Gold”

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Michael Saylor “I’d Rather Win in Volatile Fashion Than Lose Slowly, Sell your Gold”
  • Microstrategy’s Former CEO Michael Saylor pointed out in a recent interview for Stansberry Research that he would rather win in a volatile fashion than lose slowly. 
  • Saylor continues to say that the volatility will only impact short-term investors and public companies. Bitcoin has outperformed every single company on the stock market in a longer timeframe. 

MicroStrategy’s Former CEO and well-known Bitcoin advocate Michael Saylor addressed in a recent interview with Stansberry Research that he still believes in Bitcoin in the long term.

My discussion with @DanielaCambone on $MSTR volatility & performance, my role at @MicroStrategy, the future of #Bitcoin, Stablecoins, Altcoins, & Gold, as well as thoughts on regulation, macroeconomics, wealth preservation, and an engineer’s common sense definition of recession. https://t.co/hFCnR9eEd7

— Michael Saylor⚡️ (@saylor) August 13, 2022

According to Saylor, since MicroStrategy adopted the Bitcoin Strategy, Bitcoin has heavily outperformed the S&P 500, Nasdaq, Gold, Bond Index, and any Big Tech Stocks. He says that the only stock that has outperformed Bitcoin in this period is Microstrategy’s stock, MSTR.

Michael Saylor

When asked if he thinks Bitcoin’s volatility is for everyone and some market participants cannot handle the extreme volatility, Saylor provides the below response.

“The way to think about investing in Bitcoin is, you should only invest what you will hold for four years or longer; ideally, it’s generational wealth transfer. The metric you want to stare at is the simple four-year moving average.” If you have a short time frame, it is going to be much more stressful because it is a volatile asset. “

Saylor continues to highlight that Microstrategy has outperformed every asset, even the prominent big tech companies. He would rather win in a volatile fashion than lose in a non-volatile way.

Saylor’s Reasoning Behind Crypto’s Recent Downfall

Saylor firmly believes that the events that caused crypto’s recent downfall were triggered by the incoming interest rates and the tightening of the fed. The next catalyst was the big Terra Luna Meltdown, which affected a lot of cryptos. He believes that an algorithmic stablecoin was an accident waiting to happen.

Saylor’s opinion is that these events needed to happen to flush out the industry’s bad actors. Market participants are now more educated and cautious about banking applications that provide huge yields.

“If you believe in sound money, you should sell your gold and buy bitcoin.” says Saylor.

Saylor Recently Stepped Down as MicroStrategy CEO to Focus on Bitcoin

After 33 years of being CEO of MicroStrategy, Micheal Saylor stepped down recently instead of taking the role of executive chairman. Phong Le, MicroStrategy’s current president, will take his role as CEO. MicroStrategy’s message to investors was that Saylor is to continue to provide oversight of the company’s bitcoin acquisition strategy as head of the Board’s Investments Committee.

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