Who Is Do Kwon?
In a video posted on June 26 to its YouTube channel that has, at the time of writing this article, get up to 329,560 views, the hacktivist group Anonymous has pledged to make sure that Do Kwon gets brought to justice as soon as possible.
This pledge was made considering the collapse of the Terra (LUNA) and TerraUSD (UST) ecosystem back in May 2022.
This would lead one to wonder who Do Kwon is and why the collapse of these cryptocurrency ecosystems would cause the Anonymous group to want to bring him in, and here’s the answer:
Do Kwon (born Kwon Do-Hyung to South Korean parents) is a cryptocurrency developer and a co-founder/CEO of the Singapore-based Terraform Labs, the unlicensed company behind the Terra blockchain, which features the stablecoin TerraUSD (UST) and network token Terra (LUNA).
The collapse of these two in May 2022 led to a wipeout of almost $45 billion in market capitalization over a week, leading to South Korean authorities issuing an arrest warrant for the CEO.
How A Meme Token Has Kept the Hunt Going
A new cryptocurrency project called “JailKwon” has gone live on BNB Chain since September 3, months after Terra’s spectacular collapse.
Aiming to be the first “educate-to-earn” cryptocurrency token, it is tradable on PancakeSwap on a mission to “educate and innovate.” The release of this token comes after authorities have yet to apprehend the infamous former Terra leader.
The project has mentioned that it will use the profits garnered to proffer personalized educational classes on crypto safety, market analysis, and profitable investments. As laudable as this all sounds, the project is still relatively tight-lipped on how it seeks to carry out these plans.
The platform looks to ride on the coattails of Kwon’s infamy to grant the token an eternity of “free marketing and spontaneous pumps,” It sure does seem to be doing that well, as it was up by 163.6% in the last 24 hours according to Live Coin Watch.
Loud Voices and The Reality of Meme Tokens
JailKwon (JKWON) has some laudable noble intentions based on what it claims to offer; however, if the trend of most past meme coins is anything to go by, the token could be facing some difficulty in delivering on all it has promised as public awareness of it fades.
Suppose the statement “every time you see or hear Do Kwon, LUNA, LUNC, the Jail Kwon token will never be far from thought” is to be taken to heart. In that case, this meme token could grow to become the little token that could, considering the amount of hype already being generated.
Conclusion
JailKwon (JKWON) has placed its long-term plans in the fickle nature of public awareness and counts on the initial hype to see it live past the average meme token while helping justice to run its course against the former CEO of Terraform Labs, Do Kwon.
With its current trend analysis on the market, either one of the two will inevitably happen, and it will just be a matter of time. The real miracle, however, would be the slim chance of both happening, but this meme token believes in the miraculous.
