US Probes $90 Million Crypto Heist - Contractor’s Son Implicated in Major Digital Asset Theft

Federal investigators tear into a nine-figure digital asset disappearance—tracing the trail to an unlikely suspect.

The Inside Job That Bypassed Every Safeguard

Forget sophisticated hackers or shadowy foreign agents. This time, the alleged mastermind had a family key to the back door. Authorities are now dissecting how $90 million in cryptocurrency vanished, with evidence pointing squarely toward the son of a trusted contractor. It's a stark reminder that the most elegant security protocols can be undone by plain old human betrayal.

Following the Digital Breadcrumbs

The investigation isn't just chasing wallets—it's mapping a web of transactions meant to obscure the origin. Every move on the blockchain leaves a trace, and forensic analysts are now connecting dots across exchanges and mixing services. That $90 million didn't just evaporate; it took a calculated journey, and someone's digital fingerprints are all over the route.

When Trust Is the Weakest Link

The case exposes the perennial soft spot in both traditional and digital finance: privileged access. No amount of encryption stops someone with the right keys from walking out the virtual vault. It’s the kind of breach that makes you wonder if the future of finance needs better tech—or just better background checks. After all, what's a smart contract against a dumb decision?

The Ripple Effect Beyond the Heist

This isn't an isolated incident—it's a stress test. Each high-profile theft forces exchanges to tighten protocols, regulators to sharpen their tools, and the entire ecosystem to confront its vulnerabilities. The market might shrug off a $90 million blow, but the precedent cuts deeper. It reminds every player that for all its decentralization, crypto still runs on very centralized trust.

So while the hunt for the missing millions continues, the real lesson is already clear: in the race to secure digital wealth, the human factor remains the wildcard. And as usual in finance, sometimes the most profitable insider trading isn't about information—it's about access.

Social Media Drama Unveils Crypto Crime

The investigation gained public attention earlier this week after Patrick Witt, executive director of the President’s Council of Advisors for Digital Assets, weighed in on social media. 

On Monday, Witt responded on social media platform X (previously Twitter) to claims made by blockchain investigator ZachXBT, stating that he was looking into the matter. ZachXBT alleged that a hacker stole more than $60 million in late 2025, including funds traced back to government seizure wallets.

In a series of posts on X, ZachXBT accused John “Lick” Daghita, the son of Dean Daghita, the head of CMDSS, a firm that claims to supply crucial services to the Justice Department (DOJ) and the Department of Defense. The alleged theft came to light during a heated “band for band” dispute on the messaging app Telegram. 

During the argument, a young hacker began screen‑sharing his wallets while boasting about his holdings. Investigators later traced those wallets to more than $40 million in seized crypto assets belonging to the government.

ZachXBT’s findings went further, alleging that the individual known as “John Lick” was seen controlling wallets tied to more than $90 million in suspected illicit funds. 

Among the assets identified were cryptocurrencies associated with US government seizure addresses linked to the high‑profile Bitfinex hack, adding another LAYER of seriousness to the allegations.

Midterm Elections Countdown

While questions around government wallet security continue to unfold, the broader political and regulatory environment for crypto in the United States is also intensifying. 

CNBC reported on Wednesday that the crypto‑focused political action committee (PAC) Fairshake raised a total of $193 million by the end of last year, positioning it as a major force ahead of the upcoming congressional midterm elections.

The updated figure reflects two significant donations made in the second half of 2025, including $25 million from Ripple and $24 million from venture capital firm Andreessen Horowitz’s crypto arm, a16z. 

Cryptocurrency exchange Coinbase, another major supporter, contributed $25 million in the first half of last year, shortly before Fairshake announced it had $141 million available.

“With the midterms approaching, we are united behind our mission, with Fairshake continuing to oppose anti‑crypto politicians and support pro‑crypto leaders,” Fairshake spokesperson Josh Vlasto said.

This week, senators are negotiating the crypto market structure bill aimed at setting regulatory standards for the entire crypto sector. One portion of the legislation is expected to receive its first vote Thursday in the Senate Agriculture Committee. 

However, the section overseen by the Senate Banking Committee has been delayed after lawmakers called off a planned vote amid ongoing disagreements over the bill’s provisions.

Featured image from OpenArt, chart from TradingView.com