Hunter Biden, son of former U.S. President Joe Biden, said in a post on X that an independent review into the LAPTOP token launch had been completed and that forensic firm Groom Lake had been hired to examine all trading that took place on the day of the listing.
Biden rejected claims that the team sold tokens. He said the founder allocation remains in the same wallet and has not moved since launch. He also said his personal tokens are locked for six months and will then unlock over a two-year period.
What Biden said the review found
According to Biden, 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 this thin, LAPTOP 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, reducing capital available near the prevailing price to absorb selling from $16,200 to zero.
Profits, buyback call and token burn plan
Biden said Market Maker 1 made about $686,000 from its DEX position, while Market Maker 2 posted more than $2.1 million in net profit from related DEX trades. He argued that the market makers responsible for the troubled launch should buy back and burn tokens.
He said he would take final responsibility, would not leave the project, and plans next week to burn most of the unclaimed tokens from the first airdrop. That airdrop accounted for 10% of total supply.