BNB Chain Sues Former Employee Over Meme Token Launch
BNB Chain is taking legal action against a former employee who allegedly launched a meme token using a wallet linked to them. The company denies any involvement in the project, stating that the individual retained unauthorized access to the wallet's seed phrase after leaving the firm.
In a statement, BNB Chain said it had no role in creating, authorizing, promoting, or endorsing the token and holds no control over the associated wallet or asset. The blockchain network is cooperating with relevant authorities and urging users not to associate the token with the project.
The incident comes amid recent security and reputational challenges for BNB Chain as it pursues institutional adoption. This includes a recent exploit involving the Pro token linked to a Crypto DAO on the network, which resulted in approximately $8.2 million in USDT being transferred to an exploiter wallet.