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'There was a f--k up'
New York Post • • business
Key Points:
- Hunter Biden publicly acknowledged a major failure in the launch of his meme coin $LAPTOP, blaming insufficient liquidity from the market maker for a price spike followed by a rapid collapse that left most investors losing money.
- The coin’s price briefly soared from $2.39 to $316 per token due to only $5,000 in liquidity, enabling a mystery trader to turn a $250,000 bet into $1.18 million, while about 80% of investors lost funds.
- Biden took responsibility for the mishap, stating he was deeply involved in the project’s development and pledged to fix the damage, though he did not specify if or how investors would be compensated.
- Crypto experts noted the liquidity issue explains the extreme price volatility, but the token remains down 99% from its peak, casting doubt on claims that the situation is under control.
- Biden also addressed the suspension of the project’s Twitter (X) account, assuring followers that the foundation remains committed to $LAPTOP and is working to restore the account.
