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Hunter Biden will promote the meme coin LAPTOP, previously stated that he entered the crypto space to make money

Former U.S. President Biden's son Hunter Biden is about to launch the meme coin LAPTOP, and some cryptocurrency traders have questioned his personal experiences and motives for the launch. Hunter Biden was convicted in 2024 on three felony gun charges and admitted to nine tax charges, subsequently receiving a full pardon from his father, former U.S. President Biden.Hunter Biden previously testified under oath that he owed his former law firm Winston & Strawn approximately $17 million. The firm sued him last year for unpaid legal fees, and his lawyer stated in April that he resides overseas and is "unable to pay." Hunter himself had previously stated that he entered the cryptocurrency industry out of interest in the technology and "wanted to make some money."Recently, Hunter Biden has publicly supported the cryptocurrency industry multiple times, stating that "decentralized digital currency and blockchain are the inevitable future," and when asked about his views on cryptocurrency, he directly replied "Hyperliquid." He also expressed a desire to put his artwork on the blockchain and accept Bitcoin payments, mentioning that Andreas Antonopoulos's book "The Internet of Money" had "opened his eyes." Additionally, he stated that he has not yet decided whether to run in the 2028 U.S. presidential election, but said that if he receives support from billionaire John Catsimatidis, he "might have to run."

first_img Metaplanet CEO responds to equity incentive doubts, shareholders say key issues remain unresolved

The CEO of Bitcoin Reserve Company Metaplanet, Simon Gerovich, posted on the X platform in response to the controversy surrounding the company's equity incentive plan and MMXX Ventures. Gerovich admitted that the company "failed to adequately explain" the incentive arrangement known as "Series 10 Stock Options" and stated that he is a "significant but non-controlling shareholder" of MMXX's parent company, not involved in its trading decisions.The controversy stems from a stock rights plan established in December 2022, with a reward pool set at 20% of Metaplanet's fully diluted equity. After shifting to a Bitcoin reserve strategy in April 2024, the company dilutes existing shareholders with each new share issuance, while Gerovich's option rights increase accordingly. On August 18, the board canceled the floating adjustment mechanism, fixing the Series 10 pool at 319 million shares and setting a five-year lock-up period, but did not restore the reward pool to the level it was at when the Bitcoin strategy was initiated. On August 28, Gerovich exercised 92,000 Series 10 options, acquiring 64 million new shares, and currently holds about 6.2% of the company; he and MMXX together hold over 27% of the fully diluted equity.Shareholders expressed dissatisfaction. A shareholder using the pseudonym The Bitcoin Pharaoh stated on X that the adjustments in August were "a step in the right direction," but demanded that Gerovich address the issues that have arisen, disclose the owners of MMXX, and restore the reward pool to the level it was at when the Bitcoin strategy was initiated.

The Wall Street Journal: Former U.S. President Biden's son plans to launch the meme coin LAPTOP

According to the Wall Street Journal, Hunter Biden, the son of former U.S. President Joe Biden, will launch a meme coin named LAPTOP, named after his laptop incident, scheduled to go live on the Base network under Coinbase on September 9.The founding team of the project, including Hunter Biden, will hold 30% of the total token supply (1 billion tokens), with that portion locked for 6 months and fully unlocked over two years; another 20% of the tokens will be airdropped in two batches to users who previously lost money on the Trump meme coin TRUMP, Hunter Biden's Substack subscribers and their friends, and users on the mailing list maintained by video journalist Andrew Callaghan; the remaining 20% will be used for charitable donations, liquidity, and distribution to exchange partners and market makers, as well as covering the accounting, legal, administrative, and compliance costs of the token foundation.It is reported that the founding team has also agreed on a destruction mechanism that includes 30 preset events; if the relevant events achieve the preset results within the designated time (such as the Democratic Party winning the 2028 presidential election, Bitcoin reaching a new historical high, LAPTOP's fully diluted valuation exceeding TRUMP, etc.), up to 30% of the token supply may be destroyed; if not achieved, the tokens will be donated to charitable organizations proportionally.The report notes that Hunter Biden has recently been frequently participating in podcasts, news programs, and writing Substack articles discussing his views on cryptocurrency, and has commented on the controversy between the Trump family's crypto project World Liberty Financial and Sun Yuchen.
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