LAPTOP Token Crashes 99%, Raises Rug Pull Claims Against Hunter Biden

Hunter Biden's cryptocurrency project, LAPTOP, faced a sharp price crash after its rollout on the Base blockchain. The token initially rose to as high as $199 but then plummeted to around $3.70, resulting in losses of up to 99%. This drop wiped out an estimated $1.6 billion in valuation.

Hunter Biden denied claims that the project was a rug pull, attributing the price instability to demand exceeding supply and technical issues. He stated that the team's tokens remain locked, and no one from the team has earned revenue from the project.

However, on-chain analysts disputed this explanation, pointing out suspicious fund movements before the rollout. They noted that a sales wallet cashed out $2.23 million, while two airdrop wallets sold 4,476 tokens each for a combined $647,000. Additionally, two bot wallets entered liquidity at the second opening involving $716,000.