Crypto: Wallet Linked To Alleged Us Seizure Theft Launches Memecoin,...

A wallet linked to an alleged theft of US government-seized crypto launched a Solana memecoin on Pump.fun that later crashed 97%, raising tokenomics red flags.

A cryptocurrency wallet linked by blockchain investigators to an alleged theft of US government-controlled crypto holdings launched a Solana-based memecoin that later collapsed, renewing scrutiny of memecoin launch practices and onchain token distribution risks.

The token, called John Daghita (LICK), was created on the Pump.fun launchpad and lost about 97% of its value within its first day of trading, according to onchain data. The token briefly reached a market capitalization of about $915,000 before falling below $25,000 by the time of writing.

Leading up to the rally, the token deployer address made four acquisitions, while the coin was still trading below the $21,000 market capitalization, Pump.fun data shows.

Blockchain investigator ZachXBT said Friday that he traced wallets connected to John Daghita holding tens of millions of dollars in crypto believed to be tied to assets seized by the US government in 2024 and 2025.

On Wednesday, a spokesperson for the US Marshals Service confirmed to Cointelegraph that the matter was under investigation but declined to provide further details.

ZachXBT claimed Daghita, son of Command Services & Support (CMDSS) president Dean Daghita, may have gained unauthorized access to wallets managed by the US government.

Related: Crypto users affected in massive 149M infostealer data dump

Related: Bubblemaps challenges PEPE’s fair launch, alleges 30% of genesis supply bundled

The deployer of LICK held 40% of the total supply at launch, according to blockchain data visualization platform Bubblemaps, a level of concentration often viewed as a red flag in early-stage token launches.

Source: CoinTelegraph