BNB Chain Sues Ex-Employee Over Unauthorized Meme Coin Launch
BNB Chain has initiated legal action against a former employee accused of launching an unauthorized meme coin, ASTEROID. The token was created using a wallet tied to BNB Chain, which the company claims it had no affiliation or control over. According to BNB Chain, the ex-employee used an official test wallet while still employed to generate a new address for a tutorial on TST, another token.
The employee retained unauthorized access to the seed phrase associated with that wallet after leaving the company, allowing them to create a new private key and issue the ASTEROID token from the same address. The token reached a market capitalization of $10 million within hours of its debut on August 1.
BNB Chain emphasized that it did not participate in the creation of the token, nor did it authorize or endorse it. The company is cooperating with public authorities and has clarified that ASTEROID carries no legitimate ties to BNB Chain.