Pro-Trump cryptocurrency magacoin has racked up over 1,000 sign ups since launching, report says

• The pro-Trump cryptocurrency magacoin has garnered over 1,000 signups, The Guardian reported.
• Most magacoin holders only hold the 100 free tokens that users receive when registering.
• President Trump said bitcoin 'seemed like a scam' last month and has questioned crypto in the past.

Magacoin, the pro-Trump cryptocurrency, has received over 1,000 sign ups since its launch last week, The Guardian reported on Thursday.

Most of the people who signed up only have 100 magacoins, the initial amount offered to everyone who registered, The Guardian said, citing data from a self-described hacktivist. Magacoin's creator so far holds the vast majority of coins - the token's website says around 75 million coins have been created in total.

Magacoin was created in reaction to Trump's loss in the November 2020 election, and the total amount of coins is a nod to the almost 75 million people who voted for him. It is designed to support candidates linked to the Make American Great Again slogan, and help fund their future campaigns and elections.

Magacoin is not yet a traded crypto coin and was not listed on major cryptocurrency tracking platforms at the time of writing.

This is not the first Trump-supporting cryptocurrency - TrumpCoin was created to support the former president and his followers, has over 6 million coins in circulation, and boasts a market cap of $383,500, according to CoinMarketCap data.

Public figures like radio hosts, bloggers, and local MAGA personalities who agree to promote the coin can receive 1,000 free tokens through an ambassador program, the website shows. Multiple people have taken up this offer as well, The Guardian said.

A security breach on a website linked to magacoin uncovered user data including email addresses, passwords, IP addresses, and cryptocurrency wallet addresses - and revealed that several prominent right-wing personalities have become magacoin ambassadors, the Guardian reported.

Trump has not expressed support for TrumpCoin or magacoin. He has historically not been supportive of cryptocurrencies in general - he said bitcoin "seems like a scam" last month, and ranted about bitcoin and crypto on Twitter in 2019.

At the time, he said cryptocurrencies were not money and he did not like them as their value was volatile and they had no substantial backing.