A Crypto Heist Leads to a Shady Coin Launch

A wallet tied to a suspected crypto heist from U. S. government funds recently launched a memecoin on the Solana blockchain. The coin, named John Daghita (LICK), quickly lost almost all its value, dropping by about 97% in just one day. At its peak, the coin's market value hit around $915, 000 before crashing to below $25, 000. Before the coin's brief surge, the person behind the token bought four batches of it while its market value was still under $21, 000. This raised eyebrows, especially since blockchain investigator ZachXBT linked the wallet to a major crypto theft involving tens of millions of dollars. The U. S. Marshals Service confirmed they are looking into the matter but didn't share details.ZachXBT also claimed that John Daghita, the son of a company president, accessed government-managed crypto wallets without permission. Meanwhile, a blockchain data platform found that the coin's creator held 40% of the total supply at launch. This high concentration of tokens in one place is often a warning sign. Such situations can lead to "rug pulls, " where insiders suddenly sell off their tokens, causing the coin's value to crash. A similar incident happened earlier this year with the WOLF token, which lost 99% of its value in hours. The creator of that token held 80% of the supply at launch, showing how risky these situations can be.