Hunter Biden: The LAPTOP team did not cash out, the market maker caused the token to plummet

According to market news, Hunter Biden, the son of former U.S. President Biden, announced the results of an independent investigation into the launch of the LAPTOP token, stating that he has commissioned the forensic company Groom Lake to verify all transactions on the day of the launch. He denied that the team cashed out, stating that the founder's tokens remain concentrated in the same wallet and have not been transferred since the launch; his personal tokens have been locked for six months and will be released over two years.

He cited the investigation, stating that Market Maker 1 had $500,000 in startup capital but only invested about $5,200 and less than 30,000 tokens into the liquidity pool, which accounted for only 0.003% of the total supply. The extremely low liquidity caused the price to rise from $0.05 to about $317 in less than two minutes, followed by a 98% drop within the next hour. After the price peaked 84 seconds later, Market Maker 1 withdrew funds during the sell-off, causing the available funds to support sell orders to drop from $16,200 to zero, close to the current price.

He stated that Market Maker 1's DEX position made a profit of about $686,000, while Market Maker 2's related DEX transactions netted over $2.1 million, and he believes that the market maker responsible for the launch issues should buy back and destroy the tokens. He stated that he takes ultimate responsibility, will not exit the project, and plans to destroy most of the unclaimed tokens from the first airdrop next week; this airdrop accounts for 10% of the total supply.