- The details of those who registered their interest in the Trump-supporting MAGACOIN have been leaked
- MAGACOIN claims to be “The digital currency for the MAGA community”
- The creator is said to own the majority of the coins before launch, suggesting that a pump and dump could be in the works
Would-be buyers of the Donald Trump-supporting MAGACOIN have seen their details leaked after poor website security allowed a hacktivist to access the site and steal the information. The leak revealed that, despite 100 free MAGACOINs going to each registrant as an airdrop and promoters receiving 1,000, the vast majority of MAGACOINs rest with their creator, suggesting that the coin could be nothing more than a pump and dump.
MAGACOIN Hopes to Help Candidates to “Fight Back”
The MAGACOIN website is full of Trumpian rhetoric, including baseless claims of a stolen election, and claims that its 75 million coins represent “75 million voters who were disenfranchised on November 3rd, 2020.” The coin, which claims to be “The digital currency for the MAGA community”, is apparently intended to help the MAGA community “fight back by supporting MAGA candidates in 2022 and beyond”.
The MAGACOIN Victory Fund, a SuperPAC apparently created to support candidates running on the America First platform, has received a 10 Million MAGACOIN donation, although what this will actually be worth in dollars will only be known when the coin launches on an exchange. And that’s where things get dicey.
Creator Owns “Lion’s Share” of Tokens
The hacker obtained and published email addresses, passwords, crypto wallet addresses and IP addresses of those who had registered their interest, with the data also revealing that the “lion’s share” of the coins have been allocated to the creator of MAGACOIN, a Trump-supporting consultant who owns an LLC associated with the coin as well as a Super Pac associated with him. While actual figures have not been released, having the creator own the majority of coins before it launches on an exchange is a classic pump and dump strategy.