Hunter Biden says $LAPTOP's founder coins never moved. That wallet checks out, but its signers run the rest of the supply too

$LAPTOP is a Base token launched on 9 September 2026 by a team including Hunter Biden. Per the launch report, its price ran from 5 cents to about $317 within two minutes of trading, then fell 98% inside the hour. On 7 October, at 10:20 AM ET, Hunter Biden posted a 15-part thread presenting a report by the forensics firm Groom Lake and blaming the collapse mainly on the two market makers hired for the launch. One post in the thread addresses whether the team cashed out: "First, did the team cash out? Absolutely fucking not. All founder coins sit in one wallet and haven’t moved since launch." It links the wallet 0xd81b…a818.

That claim checks out. The wallet is a Safe, a wallet that needs two of its three signers to approve a transaction. It held 300,000,000 $LAPTOP at 5:30 PM ET on 7 October, 30% of the supply, and its only $LAPTOP transfers are two incoming ones: a 1-token test and the 299,999,999-token allocation at 9:04 PM ET on 7 September, two days before trading opened. The Safe has made two transactions of its own, neither involving $LAPTOP: 0.001 ETH sent out on 7 September, and a change of one signer on 29 September. Groom Lake's report makes the same narrow finding about "the project-designated founder-allocation wallet".

But the same signers controlled the wallets that hold the rest of the supply. A team holding its own allocations in multisig wallets it controls is common; what matters is what those wallets did. Safe's public records show nine Safes that had exactly the same three signers, and the same two-of-three rule, when trading opened; one never held $LAPTOP. Another, 0xf859…B24d, received all one billion $LAPTOP when the token was created, then split it: 100 million each to two Safes on 1 September, and on 7 September, in one transaction, 300 million to the founder Safe, 300 million to a second Safe, 100 million to a third and 50 million each to two more. Between 4:46 and 4:53 PM ET on 29 September, three days before the launch report was dated, eight of the nine swapped the same signer, 0x1D3D…aF75, for a new one, 0xB191…dD42 (the founder Safe's). The ninth, a 50-million Safe, wasn't changed and still has the launch-day signers. The amounts match the published allocation: founders 30%, predictions 30%, day-1 airdrop 10%, future airdrop 10%, liquidity 10%, foundation treasury 5% and charity 5%. The 300-million Safe that isn't the founders' has sent 17.5 million to a burn address (here is the latest), matching the 1.75% the project's site lists as burned from predictions.

Three of the seven allocation Safes have sent tokens out. One 100-million Safe, 0x4315…8659, sent 80 million into a contract at 1:29 AM ET on launch day; that contract still held 78.95 million at 5:30 PM ET on 7 October, which fits Hunter Biden's line that only a small part of the first airdrop has been claimed. It has sent about 5.6 million more to three other addresses. The other active 100-million Safe, 0x8aea…c530, has sent about 62.5 million to more than ten addresses since 3 September, most recently 10 million on 2 October, the day the report came out. The project's disclosures describe the liquidity allocation as being for "distribution to exchange partners and market makers", and name loans of 37.5 million tokens to three market makers. We have not matched each recipient to a named firm.

The third is that unchanged 50-million Safe, 0x246c…aCBB, which had the founder Safe's exact signers at the time. Trading opened at 8:02:45 AM ET on 9 September, per Groom Lake. At 8:06:13 AM ET, during the first hour's swings, this Safe sent 30 million $LAPTOP to a separate wallet, 0xEF36…96C3. That wallet never traded $LAPTOP on an exchange pool itself. At 9:09 AM ET it sent 5 million to 0xa722…6ce2b, which passed them on at 9:16 AM ET to 0x18b0…1e9f, a wallet with more than 484,000 transactions and about 406 ETH, the pattern of an exchange's main wallet; we could not confirm which exchange. Between 14 and 17 September it sent another 5 million to a different address, received 5 million from a wallet the 0x8aea…c530 Safe had funded, and on the evening of 17 September returned 25 million to the 50-million Safe, which sent the same amount on to 0xb47e…18D2 that night.

What that does and doesn't show. Tokens reaching an exchange wallet is not, on its own, a sale: they can be lent to a market maker, held for a listing, or moved back. The chain can't show what happened after they arrived. The disclosures also allow sales by the project: the treasury allocation is unlocked, and "the Phoenix Veritas Foundation may use funds from the sale of unlocked tokens to pay for operational costs, with any residual profit being transferred to TTM Media Group LLC, an entity owned and controlled by the Founders." So the claim Hunter Biden made, that the founder wallet hasn't moved, holds. The broader question his post opens with, whether the team cashed out, can't be settled from the chain alone, because other wallets the same signers control did move tokens toward exchanges, starting minutes after trading opened.

One detail doesn't line up on paper. The disclosures say the founder allocation "will be custodied via Coinbase Custody and distributed via the Coinbase Token Manager platform," and it says the same of the predictions, charity and treasury allocations. On-chain, the founder allocation sits in a Safe that shared its signers with the Safes that have sent tokens out, and still shares two of the three. That may simply mean Coinbase Custody holds one or more of the signing keys; the chain doesn't say who the signers are.

If you hold $LAPTOP and want to check this yourself: look up the founder Safe on Basescan, then use Safe's public owner lookup on any of its three signers to list the other Safes, and read each one's $LAPTOP transfers. Every transfer in this piece links to its transaction. We'll publish any response from @HunterBiden or @laptoptoken here.