The Solana-based memecoin John Daghita (LICK), launched on the Pump.fun platform, experienced a catastrophic 97% crash within its first day of trading. The token briefly reached a market capitalization of approximately $915,000 before plummeting to below $25,000.
The collapse has drawn significant scrutiny due to its connection to a suspected theft of U.S. government-seized crypto assets. Blockchain investigator ZachXBT traced wallets associated with the token's deployer, online alias "John Daghita," to crypto assets believed to have been seized by U.S. authorities in 2024 and 2025. ZachXBT alleged that these wallets, containing tens of millions of dollars, were accessed without authorization.
Public records link the incident to Command Services & Support (CMDSS), a firm that received a U.S. Marshals Service contract in October 2024 for custody of seized digital assets. John Daghita is alleged to be the son of CMDSS president Dean Daghita. A spokesperson for the U.S. Marshals Service confirmed an investigation is underway but provided no further details.
Further raising red flags, blockchain analytics firm Bubblemaps revealed that the token deployer held 40% of the total LICK supply at launch. Such a high concentration is a classic warning sign for potential market manipulation, liquidity pulls, or "rug pulls." Bubblemaps explicitly stated the deployer was "John Daghita, who stole $40M from the US government."
The event has captured the attention of policymakers, with Patrick Witt, director of the White House Crypto Council, stating he was reviewing the claims. The LICK crash fits a broader, troubling pattern on Solana's Pump.fun, where data suggests over 98% of launched tokens exhibit characteristics of pump-and-dump schemes or rug pulls, with many abandoned in less than 25 minutes.
