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The meme built on the Solana platform, which was founded by a wallet linked to the theft of crypto assets controlled by the US government, quickly collapsed after a brief increase in trading activity.
The token, John Dageta (LICK), was created on the Pump.fun launchpad, and initially received strong interest from the thinkers, pushing its market value to almost $2.3 million in less than a few hours.
Data on the blockchain shows that the token rose more than 13,300% before changing its direction significantly.
An image shared by Bubblemaps shows that LICK’s price later fell to around $0.0011, shedding more than 14% of its value within five minutes as the sale intensified.
Trading data shows that the founder’s portfolio acquired tokens early at a low price, buying four before prices quickly rose and fell.
Shortly after the sale, the brand was apparently removed from the Pump.fun platform, effectively halting its sales.
Bubblemaps got a lot of content from the launch of the LICK brand
Some checks came from Bubblemaps, which report The LICK supplier had about 40% of the total supply in the installation.
Many experts see this as a warning sign, as it allows insiders to exert more control over price and currency movements.
Bubblemaps also reported that the same person linked to the alleged theft was in charge of the press bag and a large portion of the products that were handed out during the token launch.
The Launch received a lot of attention after the blockchain researcher ZachXBT said that the wallet associated with the creator of the token is associated with millions of dollars in cryptocurrencies that were said to be associated with assets confiscated by the US government.
@ZachXBT Crypto theft in US government wallets is allegedly linked to the son of a federal crypto custody contractor’s CEO.#Hack # Cryptohttps://t.co/5G1BLSmHCn
– Cryptonews.com (@cryptonews) January 26, 2026
In a post on X of January 23, He said ZachXBT reported that internet personality “John Daghita,” also known as “Lick,” showed control of wallets containing about $23 million in an argument filmed by another player on the Telegraph.
Public records show that Command Services & Support, a Virginia company headed by Dean D’Agetta, you have it A contract from the US Marshals Service in October 2024 to help protect and store some digital assets seized by the government.
ZachXBT reports that John D’Agetta, the President’s son, had access to the bags linked to the site.
This has not been tried in court, and no charges have been announced.
Turmoil is growing in the meme market within Solana’s Pump.fun ecosystem
The incident also caught the attention of policy makers He said Patrick Witt, the head of the White House Cryptocurrency Council, said in X’s newsletter that he is reviewing the subsequent actions of ZachXBT.
In addition, he said Blockchain Specter researcher John D’Agetta invested $35.2 million in Tornado Cash over two days, nearly emptying his main wallet.
The rest of the money was distributed among several bags and chains.
Specter also reported on ETH and SOL value transfers and warned that recipients could receive stolen funds, noting links to wallets and transactions on the Telegram app.
According to BitcoinTreasuries.NET, it will Controlled US authorities seized more than 328,000 bitcoins through various entities, including Bitfinex assets, which would be worth about $30 billion at current prices.
Regardless of the predictions, LICK’s downfall lies within Solana’s meme coin scheme.
show Data from the beginning of 2025 shows that more than 98% of the signals launched on the Pump.fun platform show behaviors related to scams or flash inflation and deflation schemes.
Recent cases have reinforced these concerns. In December, Solana-based AI’s AVA dropped by more than 96% after an analysis of the chain showed that almost 40% of its products were collected by bags attached to the manufacturer during installation.
In January, WhiteWhale’s memecoin lost nearly 60% of its market value within minutes after one of its investors sold a large portion of its earnings, an event that traders described as a drag despite a slight recovery.
A note A wallet linked to a cryptocurrency hack in the US spawns a meme on Solana – why did BumpFun remove $LICK? appeared for the first time Cryptonews Arabic.
