Yeliz Akmaca 
A wallet allegedly linked to US government–seized crypto assets has sparked fresh controversy after launching a memecoin on the Solana network. The token, released via Pump.fun, lost approximately 97% of its value within its first day of trading.
According to onchain data, the token named John Daghita (LICK) briefly surged to a market capitalization of around $915,000. The rally lost momentum quickly. Within hours, LICK fell below $25,000 in market value, marking a sharp collapse.
Low-Volume Buys, Rapid Price Spike
Pump.fun data shows that while the token was still trading below a $21,000 market cap, the deployer address executed four separate purchases.These transactions indicate that a limited number of wallets drove the early price action, rather than organic market demand.
Blockchain investigator ZachXBT claims that wallets linked to LICK connect to crypto assets seized by the US government in 2024 and 2025. He says these wallets collectively control tens of millions of dollars in crypto.
40% of Supply Concentrated in One Wallet
Blockchain analytics platform Bubblemaps reported that 40% of LICK’s total supply was held by a single wallet at launch. Market participants widely view such concentration as a classic indicator of “sniping” or insider dumping risk. In early-stage token launches, high supply concentration often enables sudden liquidity withdrawals.
Bubblemaps stated that John Daghita, allegedly connected to $40 million stolen from the US government, launched $LICK on Pump.fun while holding 40% of the supply. High token concentration frequently precedes coordinated sell-offs or rug pull scenarios.
One of 2025’s Harshest Comparisons: WOLF
The incident has once again highlighted how vulnerable memecoin launchpad models can be to abuse. Allegations that John Daghita accessed government-controlled wallets tied to his father, Dean Daghita, president of Command Services & Support (CMDSS), point less to technical hacking and more to potential authority misuse.
Market observers increasingly view these operations as attempts to launder seized or stolen funds. In March 2025, the Wolf of Wall Street–themed WOLF token collapsed 99% within hours, erasing nearly $42 million in market value.
The WOLF token was launched by Hayden Davis, co-creator of the Official Melania Meme (MELANIA) and Libra tokens, who controlled 80% of the supply at genesis. Together, these cases underscore the extreme risks posed by opaque tokenomics in the memecoin market.
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