Hunter Biden said an independent review of the LAPTOP token launch found no evidence that his team sold into the market, while pointing to market-making activity as the main source of the token’s chaotic debut. According to a statement cited by Odaily, Biden said forensic firm Groom Lake had been hired to examine all transactions on launch day.
He said the founder allocation remains in the same wallet and has not moved since launch. His personal tokens, he added, are locked for six months and will then unlock over two years. The review said Market Maker 1 had $500,000 in starting capital but supplied only about $5,200 and fewer than 30,000 tokens to the liquidity pool, equal to 0.003% of total supply. With liquidity that thin, LAPTOP surged from $0.05 to about $317 in under two minutes, then fell 98% within an hour.
Biden also said Market Maker 1 withdrew funds 84 seconds after the peak, reducing near-market buy-side liquidity from $16,200 to zero during selling. He said Market Maker 1 made about $686,000 on its DEX position, while transactions tied to Market Maker 2 generated more than $2.1 million in net profit. He said the market maker responsible should buy back and burn tokens.
Hunter Biden has released what he described as the findings of an independent review into the LAPTOP token launch, denying that his team cashed out and saying forensic firm Groom Lake was hired to examine all transactions from the day trading began, according to Odaily.
Biden said the founder tokens remain concentrated in the same wallet and have not been moved since launch. He also said his personal allocation is locked for six months and will then be released over a two-year period.
Price spiked from $0.05 to about $317 before dropping 98%
Citing the review, Biden said Market Maker 1 had $500,000 in startup capital but provided only about $5,200 and fewer than 30,000 tokens to the liquidity pool. That token amount accounted for just 0.003% of total supply. With liquidity at that level, LAPTOP rose from $0.05 to about $317 in less than two minutes, then lost 98% within an hour.
He added that 84 seconds after the price peak, Market Maker 1 withdrew funds during the sell-off, cutting capital available near the market price to absorb sales from $16,200 to zero.
Review says linked DEX trading netted more than $2.1 million
According to Biden’s statement, Market Maker 1 earned about $686,000 on its DEX position, while DEX transactions tied to Market Maker 2 produced more than $2.1 million in net profit. He said the market maker responsible for the launch problems should buy back and burn the tokens.
Biden said he would take final responsibility and would not leave the project. He also said he plans to burn most of the unclaimed tokens from the initial airdrop next week. That airdrop accounted for 10% of the total supply.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
