Biden's Son Announces LAPTOOP Audit Results: Team Did Not Cash Out, Token Plummets Due to Market Maker

On October 7, Hunter Biden posted to announce the audit results from investigation firm Groom Lake regarding the collapse of his token project $LAPTOP, explicitly stating that the team did not cash out. On-chain data from the audit shows that all founder tokens are held in a single wallet and have not moved since launch, with a 6-month lockup period followed by linear vesting over a 2-year term.

The audit revealed that liquidity was extremely scarce in the early stages of the project's launch. Market Maker 1 injected only approximately $5,200 (1%) of the $500,000 initial capital and 0.003% of the total token supply into the liquidity pool, making it incredibly easy for buy orders to pump the price. This caused the token to surge from $0.05 to approximately $317 in under 2 minutes, representing a gain of over 600,000%, before crashing 98% within one hour.

Additionally, during the sell-off, Market Maker 1 withdrew funds from the pool 84 seconds after the token peaked and amid heavy selling pressure, reducing the liquidity available to absorb sell orders to zero and causing the price to plummet. Ultimately, Market Maker 1 realized approximately $686,000 in profits from positions on decentralized exchanges (DEX), while DEX transactions linked to Market Maker 2 generated over $2.1 million.

Hunter Biden stated that the market makers responsible for this launch malfunction should fully buy back and burn the corresponding tokens, and he affirmed that he will not abandon the project.