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October 9, 2026Senate Democrat Presses Cantor Fitzgerald on Tether Ties and Lutnick Family Profits
October 9, 2026
Key Takeaways:
- $LAPTOP surged from almost $0.05 to $317 in less than 2 minutes and then fell by 98% in 1 hour.
- In Hunter Biden’s testimony, the founder tokens did not transfer, and an independent examination revealed that the startup liquidity was extremely light.
- The two market makers are alleged to have made roughly $686,000 and $2.1 million in trading from the launch.
Hunter Biden has released an independent accounting of the chaotic launch of $LAPTOP, the memecoin he helped introduce last month.
A month ago we launched $LAPTOP.
Within minutes, we had a chart that looked like every celebrity rug ever. Completely broken.
I promised you a full independent accounting. Here it is.
1/
— Hunter Biden (@HunterBiden) October 7, 2026
According to the report, the relative price surge and collapse happened because of serious liquidity issues and market making, not because of the sale of the founders’ allocation.
$LAPTOP Jumped More Than 600,000% Before Collapsing
Biden claims that $LAPTOP has been widely thin, initially. One of the markets reportedly had $500,000 to launch and had only $5200 in the liquidity pool. Initially, around 0.003% (less than 30,000) of supply was available in the pool.
That imbalance led to very volatile performance on trades of small size. Biden said a firming of $6 would have the same impact on the price as about $7,400 in selling. According to the aforementioned independent review by the forensics firm Groom Lake, the launch was comparable in no way with 668 other token launches.
This led to the pricing deluge of $LAPTOP, which rallied from $0.05 to $317 in about two minutes and fell nearly 98% in an hour.
Read More: Humanity Protocol Crashes 87%
Liquidity Was Pulled 84 Seconds After the Peak
The most critical thing that was found in the report was just after the token hit its highest. Biden stated that Market Maker 1 pulled liquidity 84 seconds after the peak, which saw liquidity near the market price drop from around $16,157 to zero.
This meant traders who were wanting to sell would have to take rates way down to get out. The review shows that Market Maker 1 closed roughly $686,000 up through positions held on decentralized exchanges, and Market Maker 2 associated trades generated over $2.1 million in net profits.
Biden indicated that the launch issues should be attributed to a market maker that could repurchase tokens and burn them.
Founder Tokens Remain Locked
Biden dismissed allegations that the launch was an OWGA. He also stated that all founder allocations are still in one wallet and have not been switched out since the launch. Six months’ latency and 2-year vesting period.
Splendour will also aim to burn 90% of the initial airdrop tokens, which is 10% of the total supply. Biden said he brought Groom Lake on board because he knew there would be some skepticism and he wanted launch day to be reviewed by an independent group.
$LAPTOP Team Plans Token Burn After Failed Launch
However, Biden indicated that he won’t end the project despite the failure. The next phase, meanwhile, is that of burn, followed by the team’s ongoing data publishing concerned with the launch.
The episode shows how a memecoin can display an enormous headline valuation while having too little real liquidity for traders to exit anywhere near the quoted market price.
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