A cryptocurrency pockets linked by blockchain investigators to an alleged theft from US government-controlled crypto holdings has launched a Solana-based memecoin that later collapsed, renewing scrutiny of memecoin launch practices and onchain token distribution dangers.
The token, referred to as John Daghita (LICK), was created on the Pump.enjoyable launchpad and misplaced about 97% of its worth inside its first day of buying and selling, in line with onchain knowledge. The token briefly reached a market capitalization of roughly $915,000 earlier than falling under $25,000 by the point of writing.
Main as much as the rally, the token deployer handle made 4 acquisitions, whereas the coin was nonetheless buying and selling under the $21,000 market capitalization, Pump.enjoyable knowledge exhibits.
Blockchain investigator ZachXBT stated Friday that he traced wallets linked to John Daghita holding tens of tens of millions of {dollars} in crypto believed to be tied to property seized by the US authorities in 2024 and 2025.
On Wednesday, a spokesperson for the US Marshals Service confirmed to Cointelegraph that the matter is underneath investigation however declined to offer additional particulars.
ZachXBT claimed Daghita, son of Command Providers & Help (CMDSS) president Dean Daghita, had gained unauthorized entry to wallets managed by the US authorities.
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40% of LICK token was bundled at launch: Bubblemaps
The deployer of the LICK held 40% of the whole provide at launch, in line with blockchain knowledge visualization platform Bubblemaps, a degree of focus usually seen as a pink flag in early-stage token launches.
“John Daghita (@lick), who stole $40M from the US authorities, simply launched $LICK on pumpfun and is dwell streaming on Telegram. He holds 40% of the availability,” claimed Bubblemaps.
Excessive focus of provide throughout a number of entities is usually an early signal of coordinated sniping exercise or rug pulls, the place insiders take away liquidity or stage a mass sell-off, resulting in a token crash.
In one of the vital damaging rug pulls of 2025, the Wolf of Wall Road-inspired (WOLF) token crashed 99% inside a number of hours, wiping out practically $42 million of market capitalization on March 16.
The token was launched by Hayden Davis, the co-creator of the Official Melania Meme (MELANIA) and the Libra token, who held 80% of the WOLF token’s genesis provide at launch.
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