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A cryptocurrency wallet allegedly linked to $40 million in stolen US government digital assets launched a Solana-based memecoin that crashed 97% within hours, according to blockchain investigators tracking the case.
The LICK token briefly reached a market capitalization of $915,000 before collapsing to under $25,000, while the US Marshals Service confirmed it is investigating claims that John Daghita, son of a government contractor president, gained unauthorized access to federally controlled crypto wallets.
Onchain records show that ahead of the rally, the token deployer address made four early acquisitions while the coin was still trading below a $21,000 market capitalization, Pump.fun data indicates a pattern often flagged in cases linked to US crypto theft investigations.
On Friday, blockchain investigator ZachXBT reported tracing wallets linked to John Daghita containing tens of millions of dollars in cryptocurrency suspected to be connected to seized assets.
On Wednesday, a spokesperson for the US Marshals Service confirmed to Cointelegraph that the matter was under investigation but declined to provide further details, citing the ongoing nature of the US crypto theft case.
ZachXBT further claimed that Daghita, the son of Command Services & Support (CMDSS) president Dean Daghita may have gained unauthorized access to wallets managed by the US government allegations that if proven would represent a significant US crypto theft breach.
The deployer of LICK controlled 40% of the total token supply at launch according to blockchain data visualization platform Bubblemaps a level of concentration widely viewed as a red flag particularly in contexts already shadowed by US crypto theft concerns.
“John Daghita (@lick), who has been linked by investigators to an alleged $40 million US government crypto theft has launched $LICK on Pump.fun and is live streaming on Telegram. The deployer controls 40% of the token’s supply.”
Bubblemaps claimed, tying the memecoin directly to alleged US crypto theft activity.
A high concentration of token supply among a small number of wallets is often an early indicator of coordinated sniping or rug pulls where insiders rapidly remove liquidity or orchestrate mass sell offs a pattern frequently observed in memecoin scandals linked to US crypto theft narratives.
In one of the most damaging rug pulls of 2025, the Wolf of Wall Street inspired WOLF token crashed 99% within hours erasing nearly $42 million in market capitalization on March 16.
The token was launched by Hayden Davis, co-creator of the Official Melania Meme (MELANIA) and the Libra token who held 80% of WOLF’s genesis supply at launch a cautionary precedent now echoed in the latest US crypto theft controversy.
