Hunter Biden released blockchain data on Wednesday addressing claims surrounding the LAPTOP memecoin he helped launch in September. The data confirms that 300 million tokens held by project founders have not moved since the token's launch on September 9.
Biden acknowledged that price charts for the memecoin resembled typical celebrity rug pulls immediately after launch. Two professional trading firms hired as market makers withdrew liquidity seconds after the token reached a peak price of approximately $317. One market maker realized $686,000 from liquidity positions, while the other generated about $2.18 million more than it spent through trading activity.
According to a launch report published by intelligence consultancy Groom Lake on the memecoin's website, the first market maker withdrew its funds 84 seconds after the price peaked. This withdrawal reduced available liquidity for sellers from $16,157 to zero.
Biden stated he created the project to criticize what he characterized as extractive cryptocurrency ventures, specifically referencing the Trump family's World Liberty Financial project. He said the memecoin was intended to be transparent and committed the team to a lock-up period, also publishing a Markets in Crypto-Assets Regulation (MiCA) disclosure.
Biden indicated he intended to allocate 5% of tokens to charity. He also noted his motivation to continue the project was partly to oppose those he said promoted it as a scam after refusing to pay key opinion leaders for promotion.
The LAPTOP memecoin's name references Biden's laptop, which became subject to media attention before the 2020 presidential election. Biden has filed two lawsuits related to privacy concerns over the device's contents.
According to Biden's statements, founder memecoin tokens will remain locked for six months following launch, and the team will continue burning unclaimed tokens from airdrops.
The announcement comes as attention focuses on the Official Trump (TRUMP) memecoin, which launched in January 2025. Public Citizen estimated that TRUMP memecoin investors experienced $3.2 billion in losses since its launch.
