BNB Chain Sues Former Employee Over Unauthorized Memecoin Launch
BNB Chain has announced that it is taking legal action against a former employee who allegedly used unauthorized access to a wallet to launch a memecoin called Asteroid Shiba (ASTEROID). The employee, who no longer works for BNB Chain, retained access to the wallet's seed phrase after leaving the company and later created a new token using this 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 then sold 718.8 million tokens for 1,103 BNB, worth approximately $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.
Binance founder Changpeng 'CZ' Zhao shared BNB Chain's statement on X and referred to the former employee as 'basically a scammer', advising users to 'Stay SAFU.'