Hunter Biden launched a cryptocurrency meme coin called “LAPTOP” on Wednesday. The coin’s full diluted valuation quickly surged to $144 billion before crashing almost immediately, losing about 98.8% of its value in hours.
In a video posted Monday, Hunter Biden compiled news clips reporting the infamous laptop he had left at a computer repair shop—a laptop later obtained by federal agents. He stated: “They turned laptop into a weapon. I turned it into a token.”
Hunter Biden also wrote on Tuesday that “The symbol they used to try to end me is now a symbol of resilience, redemption, and recovery.”
However, the coin’s rapid rise and subsequent crash appeared characteristic of a classic “pump and dump” scheme, where creators and insiders sell shares near peak valuation, leading many investors to lose nearly all their money.
Economic expert Carol Roth criticized meme coins as get-rich-quick schemes. She noted: “Crypto generally, and meme coins in particular, are part of a growing trend of get-rich-quick and betting-oriented activities that seem pervasive in America. If the value of something comes down to purely selling it to the next guy trying to make a quick buck, it’s not really an investment—it’s a gambling vehicle.”
Former President Donald Trump’s son, Eric Trump, mocked Hunter Biden after reports of the coin’s crash on social media: “Hunter should go back to painting.”
Both Donald Trump and Melania Trump have launched similar meme coins that similarly surged in value before collapsing.
In a Tuesday post, Hunter Biden wrote: “Why something that has been so misused by grifters? I understand the cynicism. Trump has broken trust in everything he’s ever touched. And his token was no exception.”
Hunter Biden later denied allegations of being taken in by a crypto scheme, claiming in a Friday video that he was “intimately” involved and that the coin still had future potential.
An analysis found an account purchased $250,000 worth of Hunter’s meme coin, waited eight minutes while it skyrocketed in value, then dumped for nearly $1 million profit.
