BNB Chain Sues Former Employee Over Unauthorized Memecoin Launch

BNB Chain is taking legal action against one of its former employees after discovering they allegedly used company resources to launch a memecoin without authorization. The employee in question created a tutorial wallet for a video explaining how to launch tokens on BNB Chain, but retained access to the seed phrase after leaving the company.

According to blockchain analytics platform Lookonchain, the former employee used this unauthorized access to deploy a meme token called Asteroid Shiba (ASTEROID) and purchase 796.7 million tokens, representing 79.67% of the total supply.

The wallets later sold 718.8 million tokens for 1,103 BNB, worth approximately $638,000 at the time of the transaction. BNB Chain has stated that it did not endorse or authorize the launch of this token and is now pursuing legal action against its former employee.