- BNB Chain is pursuing legal action after a former employee allegedly used unauthorized access to a company tutorial wallet to launch a memecoin.
- The wallet was originally created for a video tutorial explaining how to launch tokens on BNB Chain.
- Blockchain analytics platform Lookonchain alleged the former employee deployed a token called Asteroid Shiba and used new wallets to buy nearly 80% of its supply.
- The wallets allegedly sold the tokens for 1,103 BNB, worth roughly $638,000.
BNB Chain, the blockchain ecosystem behind the BNB cryptocurrency, announced it is pursuing legal action after a former employee allegedly retained unauthorized access to a company wallet to launch a memecoin. According to a post on X, the wallet was originally created for a video tutorial explaining how to launch tokens on BNB Chain.
BNB Chain stated the former employee kept the wallet’s seed phrase after leaving the company. The firm asserts the memecoin was neither authorized nor endorsed.
Meanwhile, blockchain analytics platform Lookonchain alleged the former employee deployed a meme token called Asteroid Shiba (ASTEROID). Lookonchain further claimed the employee used four newly created wallets to purchase 796.7 million tokens, representing 79.67% of the total supply.
Consequently, the analytics platform reported those wallets later sold 718.8 million tokens for 1,103 BNB, equivalent to approximately $638,000 at the time of the transactions. BNB Chain has not publicly disclosed specific details regarding the identity of the former employee.
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