“Trump’s coin was max extraction, and I wanted to troll every grift like it,“ said Hunter Biden in a breakdown of the memecoin launch and fallout.
Hunter Biden, son of former US President Joe Biden, released a full accounting of the memecoin he helped launch last month based on the reports of his infamous laptop.
In a series of X posts on Wednesday, Biden provided blockchain data confirming that 300 million tokens in wallets associated with the founders of the $LAPTOP memecoin “haven’t moved since launch.”
Biden added that charts tracking the price of the memecoin “looked like every celebrity rug ever” shortly after launch on Sept. 9, and the ones to benefit most were unnamed market makers — referred to as “two professional trading firms” hired by the project — that pulled their funds seconds after the peak price of about $317.
According to Biden’s posts, one market maker made $686,000 from liquidity positions on decentralized exchanges, while the other “took in about $2.18 million more than it spent“ through trading.
Similar data was published in a “launch report” prepared by Delaware-based intelligence consultancy Groom Lake and posted on the memecoin’s website.
“The money for sellers was pulled right after the peak,” said the report on $LAPTOP. “Eighty-four seconds after the price topped out, Market Maker 1 withdrew its money. The cash available to people trying to sell near the current price dropped from $16,157 to zero.”
Data on Hunter Biden memecoin. Source: laptoptoken.com
While Biden said he intended to commit 5% of the tokens for charity, he added that he was incentivized to continue the project “just to piss off Don and Eric,” referring to Donald Trump Jr. and Eric Trump, sons of US President Donald Trump, and “every [Key Opinion Leader] who called it a scam because we refused to pay them.”
The basis for the memecoin’s namesake is Biden’s laptop computer, whose existence and contents were subject to intense media scrutiny ahead of the 2020 US Presidential election, in which Trump was running against his father. The laptop continues to be invoked by many right-wing figures and was the subject of two lawsuits filed by Biden over privacy laws.
Related: Hunter Biden’s laptop controversy gets a memecoin afterlife
Biden has been a vocal critic of the Trump family crypto company World Liberty Financial, calling it “corruption at a scale we’ve never seen” in August. The president also faces criticism for launching his memecoin, Official Trump (TRUMP) shortly before taking office in January 2025, which faces its own rug pull and corruption accusations.
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