A token has been launched in honor of the founder of the LUNA cryptocurrency, which caused the digital asset market to collapse

A new token called «JailKwon» has appeared in the cryptocurrency space, created in honor of the infamous TerraformLabs CEO Do Kwon. The team behind the project describes the token as a meme coin. «JailKwon was launched on September 3 on the BNB Chain platform. The digital asset is currently traded under the JKWON ticker on the PancakeSwap platform.

Ironically, the funds raised from the project will be used for training sessions on cryptocurrency security and market analysis. The developers of JailKwon say that the project wants to shed light on what happened during the Terra collapse. «Whenever you see or hear the name Do Kwon, LUNA, or LUNC, the JailKwon token will be nearby,» the developers say, adding that Kwon’s disgrace will provide the token with «free marketing.»

As a reminder, TerraformLabs' attempt to recover from the TerraUSD (UST) token crash ended in failure, with the LUNA 2.0 cryptocurrency token dropping in price by 85%. The reason for the uncontrolled fall was the cryptocurrency market’s distrust of Terraform Labs founder Do Kwon. The creator of the Luna cryptocurrency denies any wrongdoing, though he is hiring lawyers for a potential lawsuit with the South Korean government.

According to CoinGecko, JKWON has increased by 17.8% over the past 24 hours and is trading at $ 0.24 755. However, cryptocurrency market experts predict that meme-coin will lose value after the hype subsides.