Crypto Wallet Linked to Alleged Theft Launches New Memecoin Amid Scrutiny
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
Source: Coinmarketcap
Updated: 1h ago- New Token Launch: A crypto wallet linked to an alleged theft from US government-controlled assets has launched a new token called John Daghita (LICK), which plummeted about 97% in value on its first trading day, raising concerns about its market viability.
- Market Performance: The token briefly reached a market capitalization of approximately $915,000 on its debut but fell below $25,000 by the time of writing, reflecting heightened investor caution regarding its risks.
- Concentration Risk: The deployer of LICK held 40% of the total supply at launch, a level of concentration often viewed as a red flag in early-stage token launches, potentially indicating risks of coordinated sell-offs or liquidity withdrawals.
- Ongoing Investigation: The US Marshals Service confirmed that an investigation is underway regarding the wallet's connections, although no further details were provided, intensifying market scrutiny on the risks associated with cryptocurrency launches and token distribution practices.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
