Wallet linked to alleged US seizure theft launches memecoin, crashes 97%

A wallet linked to an alleged theft of US government-seized crypto launched a Solana memecoin on Pump.fun that later crashed 97%, raising tokenomics red flags.

A cryptocurrency wallet linked by blockchain investigators to an alleged theft of US government-controlled crypto holdings launched a Solana-based memecoin that later collapsed, renewing scrutiny of memecoin launch practices and onchain token distribution risks.

The token, called John Daghita (LICK), was created on the Pump.fun launchpad and lost about 97% of its value within its first day of trading, according to onchain data. The token briefly reached a market capitalization of about $915,000 before falling below $25,000 by the time of writing.

Leading up to the rally, the token deployer address made four acquisitions, while the coin was still trading below the $21,000 market capitalization, Pump.fun data shows.

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