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Hunter Biden has said that a forensic review of the LAPTOP launch found the token’s extreme rise and collapse were caused by unusually thin liquidity and later market-maker activity, while on-chain records showed the founders had not sold their allocation.<\/p>\n
The account challenges the earlier perception of a rug pull, but the market makers remain unnamed (merely referred to as Market Maker 1 and Market Maker 2), and the investigation was commissioned by the project team.<\/p>\n
Biden said<\/a> Groom Lake reviewed every recorded trade from the launch<\/a> and found that a market maker given $500,000 deployed only about $5,200 into the initial pool. Fewer than 30,000 LAPTOP tokens were available there, creating a market where just $6 of buying could move the price 5%, compared with about $7,400 of selling needed for the same move.<\/p>\n Groom Lake compared<\/a> 668 other launches and found none with a similar imbalance. LAPTOP then climbed from $0.05 to about $317 in under two minutes before ending the first hour 98% below<\/a> its peak. Eighty-four seconds after the high, the liquidity position linked by the report to Market Maker 1 was withdrawn, reducing cash available to sellers near the quoted price from about $16,157 to zero.<\/p>\n The report also found gains associated with both market makers. The Market Maker 1-linked liquidity position ended up about $686,000 ahead, while activity linked to Market Maker 2 recorded more than $2.1 million in net USDC receipts under the report’s specified accounting.<\/p>\n Biden acknowledged responsibility for hiring the firms and called on the market maker he believes mishandled the launch to buy the tokens back and burn them.<\/p>\n One point has stronger on-chain support. Groom Lake found that the wallet holding the 300 million LAPTOP founder allocation, equal to 30% of the original supply, made no outgoing token transfers through October 2. Biden also said his allocation is locked for six months and then vests over two years.<\/p>\n The token now trades near $0.08, up about 10% on the day, with a market cap around $29 million versus roughly $560 million on launch day. Daily volume is up 143% from a day earlier to $4.6 million, according to CoinGecko, signaling a rise in market activity that coincided with Biden’s report.<\/p>\n Reaction to the new accounting remains divided. Trader Crypto Bitlord argued that Biden may have been misled<\/a> by inexperienced market makers, while lawyer Hailey Lennon dismissed<\/a> the explanation as a post-mortem for what still looked like a rug pull.<\/p>\n However, Nicki Sanders, a crypto consultant, took a more cautious view, noting<\/a> that the founder wallet claim can be checked on-chain but that the report was commissioned by Biden’s team and the market makers have not publicly responded.<\/p>\n The post Hunter Biden Blames Market Maker for LAPTOP Meme Coin Collapse<\/a> appeared first on CryptoPotato<\/a>.<\/p>\n\nFounder Wallet Remains Untouched<\/h2>\n
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