Hunter Biden, son of former U.S. President Joe Biden, said on Oct. 7 that an independent review into the LAPTOP token launch had been completed and that he had hired forensic firm Groom Lake to examine all trading activity from the day the token went live.
He denied that the team cashed out. According to his statement, the founding tokens remain in the same wallet and have not moved since launch. He also said his personal token allocation is locked for six months and will then unlock over a two-year period.
Probe focuses on market-maker liquidity setup
Citing the review, Hunter Biden said Market Maker 1 had $500,000 in starting capital but contributed only about $5,200 and fewer than 30,000 tokens to the liquidity pool. He said that token amount represented just 0.003% of total supply.
With liquidity at that level, the token price rose from $0.05 to about $317 in less than two minutes, then dropped 98% within an hour.
He added that 84 seconds after the price peak, Market Maker 1 withdrew funds during the sell-off, cutting the amount of capital near the prevailing price that could absorb sales from $16,157 to zero.
Calls for buyback and burn
Hunter Biden said Market Maker 1 made about $686,000 from its DEX positions, while Market Maker 2 generated more than $2.1 million in net profit from related DEX trades. He said the market makers responsible for the launch problems should buy back and burn tokens.
He also said he would take final responsibility, would not leave the project, and plans to burn most of the unclaimed tokens from the first airdrop next week. That airdrop accounted for 10% of total supply.