Did Joe Biden’s Son Defraud the Entire Cryptocurrency Market? The Allegations Are Serious

The memecoin LAPTOP, linked to Hunter Biden, is back in the spotlight following a sharp drop in value after its launch, this time amid allegations that the project team earned millions of dollars. Hunter Biden, son of former US President Joe Biden, denied the claims that the team made tens of millions of dollars from LAPTOP sales, stating that no tokens have been sold from the project wallet to date.

According to the data, LAPTOP’s market value has fallen below $25 million, representing a loss of approximately 99.9% compared to its launch levels. The report also suggested that the project team may have earned an “eight-figure” profit, at least $10 million, from the token.

Hunter Biden reacted to the calculation in question. Biden stated that he had previously said the situation that arose after the token launch was “appalling” and that the relevant accounts were being reviewed.

Biden also maintained that the wallet belonging to the LAPTOP team had not sold any tokens to date. Questioning the claim that the project team had cashed out tens of millions of dollars, Biden demanded that the person who made this calculation reveal the wallet address allegedly used for these sales.

The LAPTOP team had previously denied claims that the sharp drop in the token’s value after its launch was due to selling by the team or insiders. They argued that the low liquidity in the initial phase and the use of automated trading “sniper bots” amplified price movements, and that the 30% token share allocated to the founders was locked for six months and would be gradually unlocked over a period of more than two years.

*This is not investment advice.