A cryptocurrency wallet tied to an alleged US government theft launched a Solana-based memecoin, only to see it plummet by 97% within a day. The token, named John Daghita (LICK), was created on the Pump.fun launchpad and peaked at a market capitalization of about $915,000 before crashing below $25,000, according to onchain data. Blockchain investigator ZachXBT reported that wallets connected to John Daghita held tens of millions of dollars in crypto believed to be linked to US government-seized assets from 2024 and 2025. A spokesperson for the US Marshals Service confirmed the investigation but offered no further details. The deployer of LICK held 40% of the total supply at launch, a concentration often flagged as a warning sign in early-stage token launches. Bubblemaps noted the high concentration of supply could indicate potential coordinated selling or rug pulls, similar to past incidents where tokens like the WOLF token lost 99% of their value in hours. This situation raises critical questions about memecoin launch practices and the inherent risks in onchain token distributions. Investors should remain vigilant as these patterns often precede significant market volatility. As the crypto landscape evolves, scrutiny on token distribution models becomes increasingly essential for protecting investors.