Hunter Biden publicly responded to the rapid collapse of his meme cryptocurrency, $LAPTOP, attributing the failure to inadequate liquidity provided at launch. The coin’s highly volatile debut on Wednesday led to significant losses for the majority of investors while netting a substantial gain for a single trader.

In a video posted on the social media platform X early Friday, Biden explained that the issues began within the first 30 seconds of trading when the market maker supplied only $5,000 in liquidity—far less than needed to meet demand. He described the subsequent price surge as unprecedented, with $LAPTOP rising from an initial price of $2.39 to an extraordinary peak of $316 per token for a supply of 1 billion tokens. Biden remarked that the valuation briefly exceeded the market capitalization of major financial firm BlackRock, likening the price chart’s sharp rise to “Mount Everest.”

According to blockchain analytics firm Datavault AI, a single trader turned an approximate $250,000 investment into $1.18 million within minutes during the coin’s brief peak, realizing around $930,000 in profits before transaction fees. Experts cited this as a potential example of a “rug pull,” a phenomenon where insiders or early investors cash out at the expense of subsequent buyers.

The overwhelming majority of retail investors experienced losses. Analytics from Bubblemaps indicated that roughly 80% of the more than 15,000 wallets that purchased $LAPTOP on launch day ended up in the red. One particularly severe case documented by Datavault AI involved an investor who bought in near the peak with about $200,000, only to see the value of the holding plummet to roughly $2,000 following the collapse.

Biden did not address the individual profits realized by the mystery trader or the broader financial impact endured by most investors. The event highlights the risks associated with speculative cryptocurrency projects and the volatility that can arise from insufficient liquidity and rapid market fluctuations.