BNB Chain Sues Ex-Employee Over Memecoin Launch
BNB Chain is taking legal action against a former employee who allegedly used unauthorized access to launch a memecoin called Asteroid Shiba (ASTEROID).
The blockchain ecosystem behind BNB cryptocurrency claims that the ex-employee retained access to a wallet's seed phrase after leaving the company and later created a new token using the address.
According to Blockchain analytics platform Lookonchain, the former employee deployed ASTEROID and used four newly created wallets to buy 796.7 million tokens, representing 79.67% of the total supply.
The wallets later sold 718.8 million tokens for 1,103 BNB, worth about $638,000 at the time of the transaction.
BNB Chain emphasized that it did not create, authorize, promote, or participate in the creation of ASTEROID and has no control over the token or wallet address.