Hunter Biden, son of former US President Joe Biden, released an accounting of the LAPTOP memecoin he helped launch last month. Biden said he wanted to mock Trump's memecoin and similar projects that Biden characterized as exploitative. Biden published blockchain data in a series of X posts on Wednesday. Biden said the data confirmed that 300 million tokens in wallets associated with LAPTOP's founders had not moved since launch.
Biden said LAPTOP's price charts resembled those of celebrity rug pulls shortly after the September 9 launch. Biden said two unnamed professional trading firms hired by the project benefited most. Biden said the firms withdrew funds seconds after the token reached a peak price of about $317. Biden said one market maker made $686,000 from liquidity positions on decentralized exchanges. Biden said the other market maker took in about $2.18 million more than the firm spent through trading.
Delaware-based intelligence consultancy Groom Lake prepared a launch report with similar data, which was published on the memecoin's website. Groom Lake's launch report said Market Maker 1 withdrew funds 84 seconds after the price peaked. The launch report said cash available to people trying to sell near the current price dropped from $16,157 to zero.
Biden said the project had been transparent, committed the team to a token lockup and published a Markets in Crypto-Assets disclosure. Biden said he hoped the project could help charities he supported. Biden said he intended to commit 5% of the tokens to charity. Biden said he was motivated to continue the project to anger Donald Trump Jr. and Eric Trump, sons of President Donald Trump. Biden also said he wanted to anger every key opinion leader who, according to Biden, called the project a scam because the project refused to pay those people. Biden said founder tokens would remain locked for six months after launch. Biden said the team would continue burning unclaimed airdrop tokens.
LAPTOP takes its name from Biden's laptop computer, whose existence and contents attracted intense media scrutiny before the 2020 US presidential election. Trump ran against Joe Biden in that election. Many right-wing figures continue to invoke the laptop. Hunter Biden filed two lawsuits over privacy laws concerning the laptop.
Biden has criticized the Trump family's crypto company World Liberty Financial. Biden called World Liberty Financial "corruption at a scale we've never seen" in August. Trump also faces criticism over launching Official Trump (TRUMP) shortly before taking office in January 2025. Official Trump faces rug-pull and corruption accusations.
Biden's token could draw attention to Trump's crypto ventures as Trump prepares to speak at another event for memecoin holders. Last week, the group behind TRUMP announced that Trump would appear at Trump's golf club in Washington, DC, for a November 22 dinner. The group said the event would include three unnamed speakers and the top 185 tokenholders. The nonprofit consumer advocacy organization Public Citizen estimated that TRUMP investors had lost $3.2 billion since the memecoin's 2025 launch.