Biden Demands Accountability After Disastrous Launch Hunter Biden has publicly called on the unnamed market maker behind the $LAPTOP memecoin to buy back and burn the tokens, saying he takes
Hunter Biden has publicly called on the unnamed market maker behind the $LAPTOP memecoin to buy back and burn the tokens, saying he takes the failed launch personally. The demand followed the release of a forensic report that laid out what went wrong when the token debuted on September 9.
Biden commissioned the review from Groom Lake, an independent blockchain forensics firm. The report pointed to limited LAPTOP inventory, heavy early trading, and changes in liquidity as the main factors behind the chaotic price action on launch day.
A wallet linked to one market maker received $500,000 ahead of launch but used only around $5,200 for initial liquidity. Fewer than 30,000 LAPTOP tokens remained in the main pool, representing just 0.003% of the initial one-billion-token supply, making the price highly susceptible to even small trades.
The price surged from $0.05 to $317 within two minutes, then dropped 98% within an hour. Market Maker 1 withdrew its funds 84 seconds after the peak, eliminating the liquidity available to absorb sell orders.
Market Maker 1's DEX position generated a profit of around $686,000, while Market Maker 2's related DEX trades netted more than $2.1 million.
Within an hour of launch, more than 11,500 wallets were sitting at a loss, with approximately 80% of buyers having paid too much.
The Groom Lake review confirmed that all founder tokens remain unmoved in their original wallet, while Biden's personal allocation is locked for six months, followed by a two-year vesting schedule. Biden has pushed back firmly on suggestions that his team profited from the collapse, insisting the project was undermined by the market maker's conduct rather than any sell-off by insiders.
Biden said he takes ultimate responsibility and will not leave the project. He also plans to burn most of the unclaimed tokens from the first airdrop, which accounted for 10% of the total supply.
Sources:The Block: Hunter Biden says LAPTOP market maker should 'buy it all back and burn it'Forbes: Hunter Biden Shock: LAPTOP Coin Hits $0.30 Low After $5,000 BlunderCrypto Times: Hunter Biden Says Thin Liquidity Drove $LAPTOP's Launch Crash
