BNB Chain pursues legal action after ex-employee’s memecoin launch

BNB Chain said a former employee allegedly used a company tutorial wallet to create a memecoin that the company says it did not authorize or endorse.

BNB Chain, the blockchain ecosystem behind the BNB cryptocurrency, said it is pursuing legal action after a former employee allegedly used unauthorized access to a wallet to launch a memecoin.

In an X post on Saturday, BNB Chain said the wallet was originally created for a video tutorial explaining how to launch tokens on BNB Chain. It said the former employee retained unauthorized access to the wallet’s seed phrase after leaving the company and later used the address to create a new token.

Blockchain analytics platform Lookonchain subsequently alleged that the former employee deployed a meme token called Asteroid Shiba (ASTEROID) and used four newly created wallets to buy 796.7 million tokens, representing 79.67% of the total supply. Lookonchain further alleged that the wallets later sold 718.8 million tokens for 1,103 BNB, worth about $638,000 at the time of the transaction.

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