Hunter Biden denies profiting from Meme coins after his laptop crashed

Hunter Biden denies making profits from LAPTOP memin, claiming team has not sold tokens

Hunter Biden denies making profits from the price of LAPTOP memin plummeted on its first day of listing, adding that neither he nor his team sold any tokens. In the first hour after trading began on Wednesday, the value of the memecoin evaporated by more than 95%, and many X platform users accused the LAPTOP project of "withdrawing from the pool and running away" behavior. According to CoinGecko data, as of press time, the trading price of the new token was US$0.8562.

Biden said in a Platform X post posted on Wednesday: "The team's allocation share has been locked. No one on our side is selling, and no one can sell." He emphasized: "I personally didn't make a penny."

Biden blamed price fluctuations on lack of liquidity and the existence of "snipers", trading robots that quickly sweep goods at the opening of a trade.

Background: From the "laptop" scandal to the political game

LAPTOP memoin's name comes from a MacBook computer that Hunter Biden reportedly left at a repair shop in 2019. During the 2020 U.S. presidential election, Trump's allies used a New York Post report on purportedly documents from the device to launch attacks on him and his father, former U.S. President Joe Biden.

Before launching his own memein, Biden lashed out at the Trump family's cryptocurrency business. In a post posted on August 21, he pointed out that World Liberty Financial used political influence and leverage to benefit its founders. Biden did not respond to Cointelegraph's request for comment.

The LAPTOP team announced liquidity incentives and token destruction program

The LAPTOP team defended the offering in a community update, claiming that the project did not carry out token pre-sales and did not allocate shares to investors or Internet celebrities. The team stated that the contract address, token allocation plan, Hacken security audit report and white paper had been released before the transaction started.

team said in a statement on Medium: "There are no hidden deployments, no hidden supplies, and no surprises that benefit insiders."

team claimed that the initial pool was launched at a price of US$0.05 per token, but the market maker's liquidity was not enough to meet market demand. To this end, LAPTOP announced that it will place 4 million tokens (0.4% of the total supply) into the Aerodrome pool as a liquidity incentive starting at midnight Coordinated Universal Time (UTC) on Thursday. In addition, the team announced plans to destroy 10 million tokens through its forecast process during the first week of listing, equivalent to 1% of the original total supply.

Token allocation and locking mechanism

According to the information disclosed by the project, the founding team received 300 million tokens, accounting for 30% of the total supply of 1 billion. These tokens will be locked for six months and then vested monthly over the next 24 months.

Another 30% of the tokens are allocated to prediction activities related to political, cultural and crypto events. When the specified result occurs, the relevant tokens will be destroyed; otherwise, they will be donated to charity. The disclosure document states that the destructions related to the forecast mainly affect unvested tokens.

The disclosure also showed that 2% of the total supply was reserved for wallet holders who lost money on TRUMP memin, and 8% was reserved for eligible participants of Biden's "Where's Hunter" Substack newsletter subscribers. The other 10% will be used for future airdrops at the discretion of the foundation.

Data Analysis: Some position holders lost money and a large number of new wallets poured in

Nansen data showed Cointelegraph on Thursday that one LAPTOP wallet showed an unrealized loss of $117,800 and another showed a book loss of $12,300. Two other wallets showed unrealized gains of $13,100 and $1,800, respectively. At the time of the snapshot, no LAPTOP tokens were sold at these four addresses. The analysis covered five selected wallets.

Nansen also recorded that during the 24-hour period covered by its data, 46,675 buy transactions and 16,038 sell transactions occurred, involving 20,085 unique buyers and 8,714 unique sellers.

Meanwhile, blockchain analytics platform Bubblemaps said on Wednesday that 60% of the wallets of former LAPTOP holders had no previous activity. In a follow-up post, it defined "fresh" wallets as wallets that received funds within the past 10 days and said most received funds on the day of listing.