A New Meme Coin Wants Do Kwon Jailed. Enter JailKwon

Key Takeaways

  • JailKwon is a meme coin named after Terra’s chief, Do Kwon.
  • The venture says it plans to provide one-to-one academic lessons about crypto security.
  • The whitepaper claims that Kwon’s celeb will present the token with “free advertising and marketing and spontaneous pumps.”

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A crypto venture has launched a token known as “JailKwon” in honor of Terra’s infamous figurehead, Do Kwon. The crew behind the venture has described it as a meme coin. 

“Free Advertising and marketing and Spontaneous Pumps”

Months after Terra’s spectacular collapse, the crypto neighborhood remains to be after Do Kwon.

The most recent outfit to hit out on the failed blockchain’s chief is a brand new cryptocurrency venture known as “JailKwon,” which went reside on BNB Chain on September 3. In keeping with the venture’s 12-page whitepaper, the token goals to be the primary “educate-to-earn” cryptocurrency. It’s at the moment tradeable beneath the ticker JKWON on PancakeSwap. 

“Each time you see or hear Do Kwon, LUNA, [or] LUNC the Jail Kwon token won’t ever be removed from thought” the doc reads, including that Kwon’s infamy would supply the token with a lifetime of “free advertising and marketing and spontaneous pumps.”

Satirically, the venture claims it’ll use proceeds to supply one-to-one academic lessons about crypto security and market evaluation, although the whitepaper is extraordinarily skinny on particulars. A JailKwon consultant instructed Crypto Briefing that the venture “needs to make clear what occurred” within the Terra crash.

Kwon turned notorious within the crypto house in late 2021 and early 2022 as Terra confirmed power regardless of a hunch within the broader market. Terra gained momentum after Kwon and the Luna Basis Guard established a plan to build up billions of {dollars} price of Bitcoin to behave as a reserve fund for Terra, however he suffered a fall from grace when the blockchain’s algorithmic stablecoin UST misplaced its peg to the greenback in Could. The occasion triggered a demise spiral that noticed Terra’s LUNA crash to nearly zero, wiping out over $40 billion from the crypto market in a matter of days. Each Kwon and Terra growth firm Terraform Labs are the topic of a number of lawsuits in South Korea and america. Amongst different issues, Kwon has been accused of tax fraud, racketeering, deceptive traders, and working a Ponzi scheme. 

Regardless of its apparently noble intentions, JailKwon’s threadbare whitepaper signifies that the venture is unlikely to ship on its academic guarantees. Like most different meme cash, it may endure as soon as the preliminary hype dies. Per CoinGecko knowledge, JKWON is up 17.8% over the previous 24 hours. Different distinguished meme cash like Dogecoin and Shiba Inu memorably noticed related parabolic runs in 2021 however tanked because the market trended down. DOGE and SHIB are respectively down 91.4% and 85.4% from their all-time highs at this time. 

Disclaimer: On the time of writing, the creator of this piece owned ETH and a number of other different cryptocurrencies.

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