A new meme coin wants Kwon imprisoned. Enter JailKwon

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

“Free Marketing and Spontaneous Pumps”

Months after Terra’s spectacular collapse, the crypto community is still searching for Do Kwon.

The latest outfit to hit the failed blockchain leader is a new cryptocurrency project called “JailKwon,” which went live on BNB Chain on September 3. According to the project 12-page whitepaper, the token aims to be the first “educate-to-earn” cryptocurrency. It is currently tradable under the ticker JKWON on PancakeSwap.

“Every time you see or hear Do Kwon, LUNA, [or] The LUNC Jail Kwon token will never be far from the tank,” the document says, adding that Kwon’s notoriety would give the token a lifetime of “free marketing and spontaneous pumps.”

Ironically, the project claims it will use the proceeds to offer one-on-one educational classes on crypto-security and market analysis, although the white paper 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 gained notoriety in the crypto space in late 2021 and early 2022 when Terra showed strength despite a decline in the broader market. Terra gained momentum after Kwon and 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 incident triggered a death spiral that saw Terra’s LUNA crash to near zero, wiping over $40 billion from the crypto market in a matter of days. Both Kwon and Terra development company Terraform Labs are the subject of several lawsuits in South Korea and the United States. Among other things, Kwon has been accused of tax fraud, extortion, misleading investors and running a Ponzi scheme.

Despite its seemingly noble intentions, JailKwon’s worn-out whitepaper indicates that the project is unlikely to deliver on its educational promises. Like most other meme coins, it can suffer when the initial hype dies down. Per CoinGecko data, JKWON is up 17.8% in the last 24 hours. Other prominent meme coins such as Dogecoin and Shiba Inu memorably saw similar parabolic runs in 2021, but retreated as the market bottomed out. 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.