Hunter Biden says LAPTOP market maker should 'buy it all back and burn it'
Hunter Biden called out an unnamed market maker involved in his LAPTOP memecoin's disastrous launch to buy back and burn tokens.
Biden released a forensic report from Groom Lake on Wednesday, which pointed to limited LAPTOP inventory, heavy early trading, and changes in liquidity as factors in the whipsaw price action on launch day. The report adds more details and context following an initial explanation last month, which blamed sniper bots and insufficient liquidity.
Groom Lake said a wallet likely controlled by the unnamed "Market Maker 1" received $500,000 before launch but only used around 1% of that in its opening liquidity positions. Across all providers, the main pool held fewer than 30,000 LAPTOP tokens, which only equated to roughly 0.003% of the original 1 billion supply.
That made the opening price easy to manipulate, with just a $6 buy pushing the quote up 5%, the report said.
LAPTOP rose from $0.05 to around $320 in under two minutes, then ended its first hour roughly 98% below that peak.
Trades linked to a second market maker brought about $2.18 million in net USDC receipts. The first wallet gained roughly $686,000 from liquidity positions, though some of that was owed to the lender, the report said. Neither firm was named.
The founder wallet, owned by Hunter Biden and team, still retains all its 300 million tokens at the time of this article's publication.
"But in the end, it's my responsibility," Biden wrote. "I take the failure personally."
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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