A new altcoin has exploded in price after South Korean authorities issued an arrest warrant for the LUNA founder, seeking the arrest of Do Kwon.
This altcoin rally that wants LUNA inventor jailed
A new meme coin called JailKwon (JKWON) rose 500% to $0.00128 on September 14. JKWON paused a bit after gaining more than 280% in an additional rally. At the time of writing, it keeps the depreciation in the last 24 hours above 25%.
JKWON’s rise comes amid news that a South Korean court in Seoul has issued an arrest warrant for the Terraform Labs founder and his associates for violating securities market laws by individuals. The meme token was launched on Binance Chain earlier this month. Currently trading on PancakeSwap. The arrest warrant issued by a court in Seoul, South Korea on September 14 was effective in its explosion.
South Korea issues arrest warrant for Do Kwon
A court in Seoul, South Korea, issued an arrest warrant for Kwon. But the arrest warrant isn’t just for the founder. Five other people currently in Singapore are under arrest warrants. The news comes at a time when the LUNC community is elated about a potential comeback. However, Terraform Labs founder Do Kwon is now facing an arrest warrant from South Korean authorities. According to the South Korean prosecutor’s office, the Terra founder is guilty of violating the country’s capital markets law.
What is JailKwon (JKWON)?
In its 12-page whitepaper, the crypto project describes itself as the “world’s first win by training” program. It plans to leverage the social media relevance of Do Kwon and LUNA’s collapse in a marketing program that will reward users for promoting the JKWON token on social media platforms like TikTok, Instagram, and Twitter.
Excerpt from the text on the official website of the project:
Every time you see or hear DO KWON, LUNA, LUNC, the Jail Kwon token will never be far from thought, providing us with lifetime free marketing and spontaneous bursts, and when they trend or go viral.
Terra LUNA and UST had a chance to recover
Meanwhile, LUNA and LUNC have achieved meme coin status, gaining more than 80% and 200% respectively last month. In a September 13 report, blockchain analytics firm Santiment said that LUNC has received the “meme coin king” crown from Dogecoin and Shiba Inu. As Kriptokoin.com, we have quoted Santiment’s analysis in this article. LUNA is currently trading at $2.73. It has lost 5.89% in the last 24 hours.
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