US Crypto Theft Wallet Unveils Solana Meme Coin — The Story Behind PumpFun Deleting $LICK

Summary: A meme coin on Solana, called John Daghita (LICK), launched by a wallet associated with an alleged U.S. crypto theft, saw a drastic fall after a brief surge in trading. Despite starting strong with a nearly $2.3 million market cap, it plummeted over 97% following major sell-offs. Key analyses revealed suspicious token supply concentration, prompting attention from authorities.

Key Takeaways:

The meme coin John Daghita (LICK) quickly collapsed after a brief trading surge.
The token's launch was tied to a wallet allegedly linked to U.S. government-controlled crypto theft.
Analysts flagged significant concentration of supply as a warning sign for investors.
Evidence of ties to major crypto seizures raised concerns among policymakers and investigators.
The incident reflects ongoing issues in Solana's meme coin ecosystem, with many tokens showing signs of risky trading behaviors.

The Rise and Fall of John Daghita Token (LICK)

A new meme coin known as John Daghita (LICK) has recently emerged on the Solana blockchain, created by a wallet connected to a supposed theft of U.S. government-controlled crypto assets. After an initial surge in trading activity, the token's value plummeted drastically.

Upon its launch via the Pump.fun platform, LICK attracted considerable speculative interest, driving its market cap to almost $2.3 million within just a few hours. Initial trading data revealed an astounding price surge exceeding 13,300% before the value sharply reversed.

Wallet Tied to US Crypto Theft Launches Solana Memecoin — Plunges 97% Overnight

A screenshot from Bubblemaps highlighted that LICK's price dropped to approximately $0.0011, losing over 14% of its value within a mere five minutes as selling pressure intensified.

Trading Patterns and Rapid Decline

Trading analytics revealed that the deployer wallet accumulated sizeable amounts of LICK tokens at lower valuations, making four significant purchases before the token’s rapid rise and subsequent fall. Shortly after the significant sell-off, activity for LICK essentially ceased as the token was removed from the Pump.fun launch platform.

Supply Concentration Raises Red Flags

Bubblemaps conducted further investigations, indicating that the deployer of LICK had control over around 40% of the total token supply at the time of launch. This concentration is often viewed by analysts as a red flag, as it can allow insiders to manipulate price movements and liquidity.

Interestingly, the same individual linked to the alleged theft is believed to control the deployer wallet and a large portion of LICK's supply. Blockchain investigator ZachXBT noted connections between the token deployer’s wallet and millions in crypto assets tied to U.S. government seizures.

In a post shared on X (formerly Twitter) on January 23, ZachXBT explained that the person operating under the online name “John Daghita” had control over wallets holding around $23 million during a problematic exchange in a Telegram group.

Public records show that Command Services & Support, the Virginia-based firm linked to the case, received a contract from the U.S. Marshals Service back in October 2024 for management of seized digital assets. Allegations suggest that John Daghita is the president's son and gained unauthorized access to these wallets.

It's important to note that these claims have yet to be legally substantiated, and no criminal charges have been filed thus far.

Ongoing Scrutiny from Regulators

This incident has captured the attention of policymakers. Patrick Witt, the director of the White House Crypto Council, mentioned in a post on X that he is looking into the claims made by ZachXBT.

Further investigation by Blockchain analyst Specter revealed that Daghita transferred $35.2 million into Tornado Cash within two days, significantly depleting his main wallet. The remaining funds were dispersed across several wallets and blockchain networks.

Specter also brought attention to high-value transfers of ETH and SOL, warning that recent recipients might be inadvertently receiving stolen funds due to ongoing links to already suspicious wallets and Telegram group activities.

According to BitcoinTreasuries.NET, U.S. authorities may have control over more than 328,000 Bitcoin due to various asset seizures, including from the Bitfinex case, potentially worth around $30 billion based on current prices.

Broader Trends in the Meme Coin Landscape

The collapse of LICK is not an isolated incident; it fits into a troubling trend within Solana's meme coin ecosystem, where many tokens launched through Pump.fun have shown signs of rug pulls or rapid pump-and-dump schemes. Statistics from early 2025 suggest that over 98% of these tokens share such alarming characteristics.

Recent events only heighten these concerns. For instance, in December, another Solana-based AI token, AVA, witnessed a staggering 96% drop in value when analysis revealed that roughly 40% of its supply was in wallets linked to the deployer at launch. Similarly, the WhiteWhale memecoin lost nearly 60% of its market value within minutes due to significant sell-offs by a major holder, an event widely perceived by traders as a rug pull, even though the token managed to recover partially afterward.