Due to the high trend of Fear, Uncertainty and Doubt (FUD) in the cryptocurrency space, the CEO of Tron (TRX) Justin Sun has said he would volunteer to donate 100 BTC to fight against FUD negatively impacting the growth and development of the crypto sphere.
It was earlier reported by NewLogical that Binance exchange debunked the trending news of a purported close-down of its Shanghai office, claiming it has no office in the said geographical location.
The said rumor first appeared on The Block, a popular cryptocurrency news channel, on 21st November 2019. The news outlet referred to an update from a source and claimed that Shanghai Police raided and forcefully shut down the office of the Binance exchange in the province.
Justin Sun Desires 100 BTC Donation to Fight FUD
Justin Sun came about the proposition of donating a whooping 100BTC to silence FUD promoters in the crypto space after the CEO of Binance, Changpeng Zhao, popularly known as CZ made such suggestion.
Before the suggestion came about, CZ Binance had personally debunked the news of the said closedown via a tweet, where he taunted The Block for spreading unfounded FUD. He said, “No police, no raid, no office. Hope you didn’t pay to read that FUD block.”
Afterward, CZ suggested for crypto project fundraisers to allocate some funds purposely to fight the spread of FUD in the crypto ecosystem.
He said, “When you raise funds for your crypto project, allocate some funds for fighting FUD. I will add this to the list of pointers I give to new cryptopreneurs.”
In a swift response that is in accordance with CZ’s suggestion, the young CEO of Tron (TRX) said he would personally make a donation of 100 BTC to wage war against FUD in the industry. He said, “I personally would like to donate 100 BTC to FUD fighting fund”.
CZ also replied appreciating Justin Sun’s kind gesture. CZ said he would donate the same amount Justin Sun proposed, clamoring that the FUD spreaders must pay for their bad intentions.
He said, “That’s a nice raise. I guess have to call (will put in 100btc as well). Expensive tweet, but let’s make sure the fudders pay too.”
Justin Sun is well-known in the cryptocurrency space with his determined move to promote his projects as well as the adoption of digital currencies in the crypto ecosystem. A couple of months ago, made headlines after securing a lunch with an American billionaire Warren Buffet with a whopping sum of $4.57 million, purposely to promote the mission of the nascent industry.
Shanghai Government Shitcoins’ Clampdown Helps the FUD
Before the recent developments, NewsLogical had reported that the Shanghai Government dispatched a memorandum that hinted about the clampdown of unwarranted cryptocurrency projects in the State.
This proposed move of Shanghai government must have aided the FUD about the forceful closedown of the non-existing Binance exchange’s office in Shanghai, which has been envisaged as the propeller of the huge price downtrend experienced by virtually all the digital currencies in the market.