TL;DR
- A wallet linked to a suspected theft of U.S. government-controlled cryptocurrencies launched the John Daghita (LICK) memecoin on Solana, which collapsed 97% on its first day.
- The deployer held 40% of the total supply and made several purchases while the market capitalization was below $21,000.
- ZachXBT traced the transactions and linked it to assets allegedly stolen from the government in 2024–2025; the U.S. Marshals Service confirmed it is investigating the case.
A wallet linked to a suspected theft of U.S. government-controlled cryptocurrencies launched a Solana memecoin that dropped 97% on its first day of trading. This information was confirmed through onchain data.
The token, named John Daghita (LICK), was created on the Pump.fun launchpad. It reached a peak market capitalization of approximately $915,000 before falling below $25,000 by the end of the day. During the initial rally, the address that deployed the token made four purchases while the market capitalization was still below $21,000.
ZachXBT Traces the Wallet
ZachXBT, a blockchain investigator, traced the wallet and determined it is connected to assets allegedly stolen from the U.S. government in 2024 and 2025, valued at tens of millions of dollars. According to ZachXBT, John Daghita, son of the president of Command Services & Support (CMDSS), may have gained unauthorized access to wallets managed by the government. The U.S. Marshals Service confirmed the case is under investigation but did not provide additional details.
Authorities Will Continue Investigating
The initial token distribution concentrated 40% of the total supply in the deployer’s hands, a level that Bubblemaps flagged as high risk for coordinated mass-selling practices. The wallet also livestreamed the memecoin’s activity on Telegram.
The token’s collapse highlights that high initial control percentages are often associated with insider mass sales or liquidity removal, as seen with the WOLF token in March 2025, which lost 99% of its value and erased nearly $42 million in market capitalization.
The LICK token exemplifies memecoin launches with high supply concentration and rapid buy-and-sell movements, which led to an almost total loss of value. The investigation into the wallet and its links to allegedly stolen assets remains open by U.S. authorities.
