Hunter Biden on Wednesday released a report on LAPTOP, the meme coin bearing the same name, alleging that two market makers hired to stabilize the token made millions of dollars after its price collapsed on the first day of trading. The report, prepared by Groom Lake, did not identify either firm by name, but said the project’s founder never sold any tokens. It attributed the sharp drop to thin launch-pool liquidity, heavy early trading volume, and one market maker pulling liquidity. According to the report, one market maker received $500,000, contributed only about $5,244 to the main liquidity pool, and withdrew 84 seconds after the price peak, ending with roughly $686,000 in profit on its holdings. Trades tied to the second market maker generated about $2.18 million in net profit. In a post on X, Hunter Biden said the market makers who mishandled the launch should buy back and burn all tokens, while also criticizing paid crypto KOL promotions. The project team said it plans to burn most unclaimed airdrop tokens next week.
Hunter Biden on Wednesday released a report on LAPTOP, the meme coin that shares its name, saying two market makers hired to stabilize the token made millions of dollars after a sharp first-day sell-off. The report did not disclose the names of the two firms.
The document was prepared by Groom Lake. It said the project founder never sold any tokens and blamed the crash on thin liquidity in the launch pool, heavy early trading activity, and one market maker withdrawing funds.
According to the report, the first market maker received $500,000 but added only about $5,244 to the main liquidity pool. It then pulled liquidity 84 seconds after the price peak, and its final token position produced about $686,000 in profit. Trades linked to the second market maker generated about $2.18 million in net profit.
In a post on X, Hunter Biden said the market makers who botched the launch should buy back and burn all tokens. He also criticized paid promotion by crypto KOLs. The project team said it plans to burn most of the unclaimed airdrop tokens next week.
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