A cryptocurrency wallet, reportedly connected to the theft of approximately $40 million from US government-controlled crypto holdings, has launched a Solana-based memecoin named John Daghita (LICK) on the Pump.fun platform. Shortly after its launch, the token experienced a dramatic 97% crash, raising concerns about memecoin launch practices and on-chain token distribution risks.
John Daghita, also known online as "Lick," has been linked to the alleged theft of more than $40 million from U.S. government-controlled cryptocurrency wallets. Blockchain investigator ZachXBT has connected wallets controlled by Daghita to U.S. government seizure addresses. According to ZachXBT, one wallet received $24.9 million from Bitfinex seizure assets, with total inflows linked to John Daghita exceeding $90 million.
The launch of the $LICK token occurred shortly after Daghita was publicly accused of involvement in the unauthorized transfer of crypto assets. On-chain data indicates he controls about 40% of the token supply. The token initially reached a market capitalization of approximately $915,000, but its value plummeted below $25,000 within a day.
Daghita's activities came to light through online interactions, including a dispute in a Telegram group where he allegedly displayed $23 million in a single wallet. These interactions were captured by ZachXBT, who linked the funds to government seizure addresses. Daghita later sent 0.6767 ETH from one wallet to ZachXBT's public address, a transaction interpreted as a taunt and confirmation of wallet control.
Adding another layer to the situation, Daghita is reportedly the son of the chief executive officer of Command Services & Support (CMDSS). Public records indicate CMDSS held a contract with the U.S. Marshals Service (USMS) to assist with managing and disposing of seized and forfeited digital assets. It remains unclear how Daghita allegedly gained access to the wallets tied to government-managed seized assets. The U.S. Marshals Service has confirmed an active investigation is underway. Officials have stated that an internal review is also in progress, and law enforcement agencies are involved. Following the public exposure, Daghita reportedly deleted several online accounts, and CMDSS has taken steps to obscure its online presence, including deactivating its social media and website profiles.
The President's Council of Advisors for Digital Assets has acknowledged awareness of the matter. Patrick Witt, head of digital asset strategy for the council, stated they were "on it" and would provide updates, responding to ZachXBT's claims. The case has drawn significant attention to the vulnerabilities in government crypto custody and oversight. This situation highlights the risks associated with government crypto custody and the challenges the Marshals Service has faced in managing seized digital assets.
