A Solana-based coin launched by a wallet linked by blockchain investigators to an alleged theft of crypto assets controlled by the US government has almost entirely collapsed within hours of trading.
The token, named John Daghita and traded under the ticker LICK, was created on the Pump.fun launchpad and briefly reached a market cap of around $915,000 before falling more than 97% overnight.
Onchain data shows that the token’s market value subsequently fell below $25,000, with current figures placing it near $27,700 after a sharp 24-hour decline.
Trading activity indicates that the deployer’s wallet accumulated tokens early on while the market cap was still below $21,000, making four purchases before the strong rally and subsequent collapse.
Bubblemaps Finds Concentrated Supply in LICK Token Debut
A closer look was conducted by blockchain analytics firm Bubblemaps, which reported that LICK’s deployer held approximately 40% of the total token supply at launch.
Such concentration is widely seen by analysts as a warning sign because it allows insiders to exert outsized control over price action and liquidity.
Bubblemaps claimed that the same person linked to the alleged theft controlled the deployer wallet and a significant portion of the supply during the token’s launch phase.
The launch gained attention after blockchain investigator ZachXBT said the wallet associated with the token deployer was connected to tens of millions of dollars in crypto allegedly linked to assets seized by the US government.
@ZachXBT alleges that a theft of crypto from U.S. government wallets is linked to the son of the CEO of a federal crypto custody contractor.#Hack #Cryptohttps://t.co/5G1BLSmHCn
– Cryptonews.com (@cryptonews) January 26, 2026
In a Jan. 23 X-rated post, ZachXBT claimed that the individual behind the online handle “John Daghita,” also known as “Lick,” displayed control over wallets containing approximately $23 million during a recorded argument with another actor in a Telegram group.
Public records show that Command Services & Support, a Virginia-based company whose president is Dean Daghita, received a contract from the US Marshals Service in October 2024 to assist with the custody and disposal of certain digital assets seized by the government.
ZachXBT alleged that John Daghita, the president’s son, gained unauthorized access to wallets linked to these holdings.
The allegations have not been tested in court and no criminal charges have been announced.
Coin chaos worsens in Solana’s Pump.fun ecosystem
The incident also attracted the attention of policymakers, as Patrick Witt, director of the White House Crypto Council, said in an article on X that he was looking into the claims following ZachXBT’s disclosures.
According to BitcoinTreasuries.NET, US authorities could control more than 328,000 Bitcoins through various seizures, including assets from the Bitfinex case, potentially worth around $30 billion at current prices.
Beyond the specific allegations, LICK’s collapse fits into a larger pattern within Solana’s coin ecosystem.
Data from early 2025 suggests that over 98% of tokens launched on Pump.fun exhibit characteristics associated with all-in draws or rapid pump and dump schemes.
Analysts estimate that only a tiny fraction of the millions of tokens created on the platform reach even modest levels of liquidity, while the average lifespan of many tokens has fallen to less than 25 minutes before they are abandoned or sharply declined.
Recent cases have reinforced these concerns, as in December the AVA of the Solana-based AI token fell by over 96% after an on-chain analysis showed that around 40% of its supply was accumulated by wallets linked to the deployer at launch.
In January, memecoin WhiteWhale briefly lost about 60% of its market value minutes after a large holder sold a significant portion of the supply, an event widely described by traders as a pullback despite a subsequent partial recovery.
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