A crypto project has launched a token called “JailKwon” in honor of Terra’s notorious figurehead, Do Kwon. The team behind the project has described it as a meme coin.
Months after Terra’s spectacular collapse, the crypto community is still after Do Kwon.
The latest outfit to hit out at the failed blockchain’s leader is a new cryptocurrency project called “JailKwon,” which went live on BNB Chain on September 3. According to the project’s 12-page whitepaper, the token aims to be the first “educate-to-earn” cryptocurrency. It’s currently tradeable under the ticker JKWON on PancakeSwap.
“Every time you see or hear Do Kwon, LUNA, [or] LUNC the Jail Kwon token will never be far from thought” the document reads, adding that Kwon’s infamy would provide the token with a lifetime of “free marketing and spontaneous pumps.”
Ironically, the project claims it will use proceeds to offer one-to-one educational classes about crypto safety and market analysis, though the whitepaper is extremely thin on details. A JailKwon representative told Crypto Briefing that the project “wants to shed light on what happened” in the Terra crash.
Kwon became infamous in the crypto space in late 2021 and early 2022 as Terra showed strength despite a slump in the broader market. Terra gained momentum after Kwon and the Luna Foundation Guard established a plan to accumulate billions of dollars worth of Bitcoin to act as a reserve fund for Terra, but he suffered a fall from grace when the blockchain’s algorithmic stablecoin UST lost its peg to the dollar in May. The event triggered a death spiral that saw Terra’s LUNA crash to almost zero, wiping out over $40 billion from the crypto market in a matter of days. Both Kwon and Terra development company Terraform Labs are the subject of multiple lawsuits in South Korea and the United States. Among other things, Kwon has been accused of tax fraud, racketeering, misleading investors, and running a Ponzi scheme.
Despite its apparently noble intentions, JailKwon’s threadbare whitepaper indicates that the project is unlikely to deliver on its educational promises. Like most other meme coins, it could suffer once the initial hype dies. Per CoinGecko data, JKWON is up 17.8% over the past 24 hours. Other prominent meme coins like Dogecoin and Shiba Inu memorably saw similar parabolic runs in 2021 but tanked as the market trended down. DOGE and SHIB are respectively down 91.4% and 85.4% from their all-time highs today.
Disclaimer: At the time of writing, the author of this piece owned ETH and several other cryptocurrencies.
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