Hunter Biden confirms LAPTOP token was not a rug pull, just trolling

What happened

Hunter Biden published a full accounting of the LAPTOP memecoin he helped launch last month. In a series of posts on X on Wednesday, he shared blockchain data and pointed to a launch report prepared by Groom Lake, a Delaware-based intelligence consultancy, that is posted on the memecoin's website.

Biden said 300 million tokens in wallets linked to the founders have not moved since launch, and that founder tokens will stay locked for six months.

The token launched on Sept. 9. It rose from $0.05 to about $317 in under two minutes, and then fell nearly 98 percent within the first hour.

Two unnamed market makers, described as professional trading firms hired by the project, pulled their funds seconds after the peak, according to Biden. One made $686,000 from liquidity positions on decentralized exchanges, while the other took in about $2.18 million more than it spent through trading.

The Groom Lake report said Market Maker 1 withdrew its funds 84 seconds after the price peaked. Cash available to people trying to sell near the current price dropped from $16,157 to zero.

Biden said he intended to commit 5% of the tokens to charity. He also said he wanted to copy the structure of Donald Trump's memecoin to make a point about transparency.

Why it matters

Biden's accounting places the LAPTOP launch next to the memecoin sector's recurring complaints about thin liquidity and insider selling. He said the founder wallet holding 300 million tokens has not moved any funds since launch, and that those tokens will stay locked for six months.

His posts also draw attention to the Trump family's crypto ventures. Biden has called World Liberty Financial "corruption at a scale we've never seen," and Public Citizen estimated that $TRUMP investors lost $3.2 billion since its 2025 launch.

What the data shows

A wallet linked to Market Maker 1 received $500,000 before launch and used only about $5,200 of that money in its opening liquidity position, according to the report.

Across every liquidity provider, the main pool held fewer than 30,000 LAPTOP tokens, roughly 0.003 percent of the one billion token supply. With so few tokens in the pool, a six dollar purchase could push the price up five percent.

Background

The token is named after Biden's laptop, whose existence and contents were subject to intense media scrutiny ahead of the 2020 US Presidential election.

Trump launched his own memecoin, Official Trump (TRUMP), shortly before taking office in January 2025, and it faces its own rug pull and corruption accusations.

The group behind $TRUMP said the president will appear at his golf club in Washington, DC with three unnamed speakers and the top 185 tokenholders for a Nov. 22 dinner.

What is still unclear

• Neither market maker was named in Biden's posts or in the launch report.
• Biden said part of his motivation was to respond to critics who called the project a scam after his team would not pay some promoters.
• Biden said the firm responsible for the launch issues should buy back the tokens and burn them.

Questions readers ask