A cryptocurrency wallet linked by blockchain investigators to the alleged theft of U.S. government–controlled crypto assets has launched a Solana-based memecoin that later collapsed, raising fresh concerns about memecoin launch mechanics and onchain distribution risks.
The token, dubbed John Daghita (LICK), was created via the Pump.fun launchpad and lost roughly 97% of its value within its first day of trading, according to onchain data. It briefly reached a market capitalization of about $915,000 before plunging to below $25,000 at the time of writing.
Ahead of the brief rally, the token’s deployer address made four purchases while the coin was still trading below a $21,000 market capitalization, according to Pump.fun data.
Blockchain investigator ZachXBT said on Friday that he traced wallets linked to John Daghita holding tens of millions of dollars in cryptocurrency believed to be associated with assets seized by the U.S. government in 2024 and 2025.
On Wednesday, a spokesperson for the U.S. Marshals Service confirmed to Cointelegraph that the matter is under investigation but declined to comment further.
ZachXBT alleged that Daghita—the son of Command Services & Support (CMDSS) president Dean Daghita—gained unauthorized access to cryptocurrency wallets managed by the U.S. government.
40% of LICK token supply bundled at launch: Bubblemaps
The deployer of the LICK token controlled roughly 40% of the total supply at launch, according to data from blockchain visualization platform Bubblemaps—a level of concentration that is often considered a red flag in early-stage token launches.
In a post on X, Bubblemaps alleged that wallets linked to John Daghita were responsible for launching the LICK token on Pump.fun and that the deployer address held 40% of the supply at inception. The firm also claimed the individual was livestreaming on Telegram at the time of launch.
A highly concentrated token supply among a small number of wallets is often an early warning sign of coordinated sniping or rug-pull schemes, in which insiders pull liquidity or trigger large sell-offs that can cause a token’s price to collapse.
One of the most severe rug pulls of 2025 involved the Wolf of Wall Street-inspired WOLF token, which plunged 99% within hours of launch, erasing nearly $42 million in market capitalization on March 16.
Blockchain data showed the token was launched by Hayden Davis, co-creator of the Official Melania Meme (MELANIA) and Libra tokens, who controlled roughly 80% of WOLF’s initial supply at genesis.
