Cryptocurrency users are some of the biggest threats to the future of Bitcoin and altcoins. Although that may not necessarily be a popular opinion, a recent FUD campaign targeted at the KuCoin exchange shows how some users are purposely destroying this industry from within. It’s a very worrisome development, although there isn’t much that can be done about it at this time.
The KuCoin FUD Campaign
It is evident that cryptocurrency speculators, investors, and holders are not too pleased with the way things are going in this industry. That is no reason to purposefully spread FUD regarding certain companies or service providers. It is unclear what is driving the current negative campaign against the KuCoin exchange and its public image, yet it could do a fair bit of damage if even a few people fall for this misinformation.
According to the misinformation campaign, KuCoin’s Hong Kong offices are completely deserted. Based on that information, users need to be very wary of depositing funds to this exchange and should get their money out as soon as possible. Even so, this is not exactly a new revelation, and there is very little for users of the KuCoin exchange to be at all concerned about at this stage.
Those familiar with KuCoin will shrug off this blatant FUD with relative ease. The company set up headquarters in Singapore quite some time ago, which easily explains why there is no one around in Hong Kong. This was documented on the company’s blog in April of this year, as they shared their location and pictures of their office.
That office looks nothing like what the disgruntled user claims to be KuCoin’s offices in Hong Kong, further indicating that this is an attempt to spread misinformation. While it is not uncommon for cryptocurrency companies to share information which doesn’t ring true in the end, there is no obvious indication that KuCoin is deceiving users or doing anything wrong here.
All of this raises the question as to why someone is spreading such wrong information meant to purposefully harm KuCoin and its users. It is possible this user is a former KuCoin Shares investor who has lost a lot of money. It is true the KCS price has gone through a very steep decline, but so have most other cryptocurrencies and assets.
For the cryptocurrency industry, “revelations” such as this one are a big problem. This industry already has a terrible reputation among average people on the street. FUD campaigns like this one will not help matters much, and they are a legitimate threat to the future of cryptocurrency as a whole. If users were less reliant on exchanges to store money for longer periods, there would be absolutely no cause for concern.