A wallet linked by blockchain investigators to an alleged theft of crypto assets seized by the US government has launched a Solana-based memecoin that quickly collapsed. The token, John Daghita (LICK), was created on Pump.fun and briefly reached a market capitalization of about $915,000 before falling below $25,000 within a day.
Blockchain investigator ZachXBT said the wallet is connected to addresses holding large sums of crypto believed to originate from US government-controlled seizures in 2024 and 2025. The US Marshals Service has confirmed the matter is under investigation, though no charges have been announced.
Onchain data shows the deployer controlled roughly 40% of the token supply at launch, according to Bubblemaps, a level of concentration often viewed as a structural risk. The episode adds to broader concerns around memecoin tokenomics, insider activity, and the lack of standardized protections in open launch environments.
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