Key Takeaways
- JailKwon is a meme coin named after Terra’s chief, Do Kwon.
- The mission says it plans to provide one-to-one instructional lessons about crypto security.
- The whitepaper claims that Kwon’s movie star will present the token with “free advertising and marketing and spontaneous pumps.”
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A crypto mission has launched a token referred to as “JailKwon” in honor of Terra’s infamous figurehead, Do Kwon. The group behind the mission has described it as a meme coin.
“Free Advertising and marketing and Spontaneous Pumps”
Months after Terra’s spectacular collapse, the crypto group remains to be after Do Kwon.
The newest outfit to hit out on the failed blockchain’s chief is a brand new cryptocurrency mission referred to as “JailKwon,” which went reside on BNB Chain on September 3. Based on the mission’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 offer the token with a lifetime of “free advertising and marketing and spontaneous pumps.”
Satirically, the mission claims it should use proceeds to supply one-to-one instructional lessons about crypto security and market evaluation, although the whitepaper is extraordinarily skinny on particulars. A JailKwon consultant informed Crypto Briefing that the mission “desires to make clear what occurred” within the Terra crash.
Kwon grew to become notorious within the crypto area in late 2021 and early 2022 as Terra confirmed energy regardless of a stoop 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 operating a Ponzi scheme.
Regardless of its apparently noble intentions, JailKwon’s threadbare whitepaper signifies that the mission is unlikely to ship on its instructional guarantees. Like most different meme cash, it may undergo as soon as the preliminary hype dies. Per CoinGecko information, JKWON is up 17.8% over the previous 24 hours. Different outstanding meme cash like Dogecoin and Shiba Inu memorably noticed comparable 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 immediately.
Disclaimer: On the time of writing, the writer of this piece owned ETH and several other different cryptocurrencies.
