‘JailKwon’ a new meme token calling for Do Kwon’s arrest soars 450%

LAGOS (CoinChapter.com) — A new cryptocurrency project is capitalizing on the catastrophic collapse of Terraform Labs ecosystem by launching “JailKwon,” a new token demanding arrest and imprisonment of Do Kwon, co-founder of the embattled project.

In detail, JailKwon (JKWON), which went live on BNB Chain on Sept. 3, is a meme coin founded to bring Terra’s Kwon to justice. However, the team behind the coin noted that it is the world’s first educate-to-earn project, inspired by LUNA’s crash.

According to the project’s 12-page whitepaper, it aims to teach the crypto community what to look out for when it comes to dangers and exploits in the blockchain world. In addition, it noted that the project would teach users how to revoke sessions on smart contracts, among other helpful features.

“[…] a world’s first E2E dApp that will allow you to post content that you think will be valuable to the crypto community. And also advises other members of the crypto community on how to avoid bad investments and scams.”

JailKwon said.

The project also pointed out that users will be taught how to avoid phishing and NFT scams. A JailKwon representative stated that the project wants to shed light on what happened with Terra to prevent its recurrence.

JailKwon’s JKWON Another Sh!t Coin?

Despite its intentions and 12-page whitepaper, it is worth noting that the project might be another doomed scheme. Notably, like most other meme coins, it could essentially suffer once the initial hype dies.

A quick study of the project’s whitepaper indicates that it is unlikely to deliver on its educational promises. The project claims it will use its proceeds to offer one-to-one educational classes on crypto safety. But it fails to indicate how much ambition could be achieved in its whitepaper.

ALSO READ: South Korean court orders arrest of Terra’s Do Kwon

Currently, JailKwon’s JKWON is tradeable on PancakeSwap. Moreover, Seychelles-based centralized exchange Azbit has also listed the token. The project also makes impressive moves on Tiktok, Youtube, Instagram, and Twitter. It also launched an NFT collection with Do Kwon face behind bars on Opeansea.

JKWON Soars 450%

Meanwhile, in an incredible feat, JailKwon’s JKWON soared more than 450% daily. The massive surge happened after news broke that a South Korean court had issued an arrest warrant for Do Kwon.

Recall that Kwon had previously boasted that South Korean prosecutors hadn’t charged with anything. However, a court in Seoul issued an arrest warrant for Kwon and five others today on allegations that they violated the country’s capital markets law.

Following the development, JKWON soared to a new height, hitting the one million dollar market cap for the first time. Additionally, it is worth noting that the rally took the token to a new all-time high of $0.00096870, according to data from Coingecko.

At the time of publication, JKWON had a 24-hour trading volume of $413,552 with a total supply of 1 billion coins.