See what you click on FoxBusiness.com. Former first son Hunter Biden lashed out online after his meme coin $LAPTOP crashed, blaming a “screw” that left four out of five investors with losses, while a mystery trader pocketed nearly $1 million. Biden chose the name $LAPTOP in a nod to the laptop controversy that became the subject of political controversy surrounding him and his father, former President Joe Biden. The laptop hard drive delivered to a Delaware repair shop in 2019 contained thousands of emails documenting Hunter Biden’s international business dealings, as well as intimate photographs and videos revealing his addiction to cocaine and alcohol, prompting scrutiny by Republican lawmakers of the father and son. Hunter Biden has said the symbol used to target him is now a symbol of “resilience, redemption and recovery.” Biden claimed that the problem began shortly after trading began on Wednesday because the project’s market maker provided significantly less liquidity than needed to handle the initial demand. HUNTER BIDEN LAUNCHES LAPTOP THEMED CRYPTOCURRENCY Former first son Hunter Biden lashed out online after his meme coin $LAPTOP crashed. (Kevin Dietsch/Getty Images/Getty Images) “There was a screw-up. The screw-up happened in the first 30 seconds of the coin launch, in which the market maker, for some unknown damn reason, only put up $5,000 of liquidity. And demand was through the roof,” Biden said Friday in a video posted on of crashing. Biden said the value of his currency was briefly “greater than the market capitalization of damn BlackRock,” adding that the price chart “looked like Mount Everest.” a blockchain analysis by Datavault AI. But other traders were less fortunate, as around 80% of traders who bought $LAPTOP on launch day lost money, according to blockchain analytics firm Bubblemaps, which estimated that more than 15,000 wallets ended up in the red. A buyer who invested about $200,000 when $LAPTOP was near its brief peak was left with about $2,000 worth of tokens after the crash, according to Datavault AI. Four out of five investors suffered losses, while one mystery trader pocketed almost a million dollars. (Tom Williams/CQ-Roll Call, Inc via Getty Images/Getty Images) “This is my fucking token,” he said in the video. “I’ve been working on this for six months straight.” “I was intimately involved in every discussion, every step of the way in creating the tokenomics, in creating the way the currency would be presented,” he continued. “At the end of the day, it’s my responsibility, and there was a screw-up.” Biden said the situation had stabilized, but acknowledged that investors had already been hurt. “They got it under control, but not before the damage was done,” he said. Biden said he plans to continue with the project and repair the damage, although he did not elaborate on whether this means compensating investors. WHAT ARE MEME COINS? HIGH RISK CRYPTO ASSETS EXPLAINED Hunter Biden said he plans to continue with the project and repair the damage. (Tom Williams/CQ-Roll Call, Inc via Getty Images/Getty Images) GET FOX BUSINESS ON THE GO BY CLICKING HERE “I’m in this all the way 100% and I promise you we’re going to do it right,” he said. He said the project was working to increase liquidity and trading volume. “Biden also said that he and his partners “had not made a single dollar” from the project, previously revealing that they were in a six-month lock-up period that prevented them from selling their token holdings.
