Hunter Biden’s New Business Endeavor Crashes and Burns
A single anonymous trader walked away with more than a million dollars in profit within minutes of a cryptocurrency launch tied to Hunter Biden, even as the vast majority of buyers watched their money evaporate.
The digital token, branded Biden’s $LAPTOP, hit the market earlier this week under the name of the former president’s son.
Within days, the coin’s trajectory had become a case study in speculative crypto trading gone wrong for most who bought in.
Data compiled by Datavault AI and reported by the New York Post showed that four out of five purchasers of the coin lost money on their investment.
One trader defied that trend. Using a pseudonym, the individual spent $250,000 to acquire 9,124 units of the token. Minutes later, that trader offloaded 8,480 of those coins for $1.18 million.
Subtracting platform costs and tax obligations, the trader’s net gain came to approximately $930,000, according to the reporting.
The story looked very different for other buyers. Critics have labeled the coin’s collapse a “rug pull,” a term describing the rapid loss of value that follows a coordinated insider sell-off.
One investor who bought in at the coin’s peak spent $200,000. That stake had shrunk to roughly $2,000 by the time the value collapsed.
Datavault AI’s chief executive, Nathaniel Bradley, described the disparity between winners and losers in stark terms. “That’s the tragedy in these coins,” he told the New York Post.
Wednesday marked the coin’s high point, when its price shot up to $300. The climb did not last. Within hours, 99 percent of that value had vanished.
Bradley did not hold back in assessing the valuation that preceded the crash. “To come out and say that a laptop coin is worth $300 is, in my opinion, fraudulent,” he said.
He went further, applying a specific label to the entire episode.
Bradley called it a “classic rug pull,” explaining that the term applies when a coin’s creators or associates trigger a massive sell-off immediately after a price surge, collapsing the token’s value for remaining holders.
The digital token, branded Biden’s $LAPTOP, hit the market earlier this week under the name of the former president’s son.
Within days, the coin’s trajectory had become a case study in speculative crypto trading gone wrong for most who bought in.
Data compiled by Datavault AI and reported by the New York Post showed that four out of five purchasers of the coin lost money on their investment.
One trader defied that trend. Using a pseudonym, the individual spent $250,000 to acquire 9,124 units of the token. Minutes later, that trader offloaded 8,480 of those coins for $1.18 million.
Subtracting platform costs and tax obligations, the trader’s net gain came to approximately $930,000, according to the reporting.
The story looked very different for other buyers. Critics have labeled the coin’s collapse a “rug pull,” a term describing the rapid loss of value that follows a coordinated insider sell-off.
One investor who bought in at the coin’s peak spent $200,000. That stake had shrunk to roughly $2,000 by the time the value collapsed.
Datavault AI’s chief executive, Nathaniel Bradley, described the disparity between winners and losers in stark terms. “That’s the tragedy in these coins,” he told the New York Post.
Wednesday marked the coin’s high point, when its price shot up to $300. The climb did not last. Within hours, 99 percent of that value had vanished.
Bradley did not hold back in assessing the valuation that preceded the crash. “To come out and say that a laptop coin is worth $300 is, in my opinion, fraudulent,” he said.
He went further, applying a specific label to the entire episode.
Bradley called it a “classic rug pull,” explaining that the term applies when a coin’s creators or associates trigger a massive sell-off immediately after a price surge, collapsing the token’s value for remaining holders.
70-79, M
