PANews reported on October 7 that Hunter Biden, son of former US President Biden, posted the results of the independent investigation into the laptop token listing on X platform, and said that he had entrusted Groom Lake, a forensic company, to verify all transactions on the day of the listing. Hunter Biden denied that the team cashed out, saying that the founders' tokens were still concentrated in the same wallet and had not been transferred since the launch; his personal tokens had been locked for six months and then released in two years. He cited the survey as saying that market maker 1 has $500,000 of start-up capital, but has only invested about $5,200 and less than 30,000 tokens in the liquidity pool, which accounts for only 0.003% of the total supply. Extremely low liquidity caused the price to rise from $0.05 to about $317 in less than two minutes, followed by a 98% drop in less than an hour.
PANews October 7 news: Hunter Biden, son of former U.S. President Biden, posted on the X platform, disclosing the independent investigation results of the LAPTOP token launch incident and stating that he has commissioned the forensics firm Groom Lake to verify all transactions on the day of the launch. Hunter Biden denied that the team cashed out, saying that the founder tokens are still concentrated in the same wallet and have not been transferred since the launch; his personal tokens have been locked for six months and will then be released over two years.
Citing the investigation, he said that Market Maker 1 had $500,000 in startup funds but only put about $5,200 and fewer than 30,000 tokens into the liquidity pool, with the latter accounting for only 0.003% of the total supply. Extremely low liquidity caused the price to rise from $0.05 to about $317 in less than two minutes, then fall 98% within the following hour. Eighty-four seconds after the price peaked, Market Maker 1 withdrew funds during the sell-off, reducing the funds available to absorb selling near the current price from $16,200 to zero.
Hunter Biden said that Market Maker 1 made about $686,000 in profit from its DEX position, while Market Maker 2's related DEX trading netted more than $2.1 million, and he believes the market makers responsible for the launch problems should buy back and burn tokens. He said he bears ultimate responsibility, will not exit the project, and plans next week to burn most of the unclaimed tokens from the first airdrop; that airdrop accounted for 10% of the total supply.