BNB Chain pursues legal action after ex-employee’s memecoin launch
BNB Chain said a former employee allegedly used a company tutorial wallet to create a memecoin that the company says it did not authorize or endorse.
BNB Chain announced legal proceedings following allegations that a former employee utilized a company tutorial wallet to create a memecoin without authorization. The blockchain platform, which supports the BNB cryptocurrency, stated that the employee had gained unauthorized access to a wallet originally intended for a video tutorial on launching tokens on BNB Chain.
This access was retained by the individual after leaving the company. The former employee subsequently used this access to launch a new token, Asteroid Shiba (ASTEROID), and bought a significant portion of the token's supply. Subsequently, the wallets used to purchase the tokens sold a large majority of them, generating approximately $638,000.
BNB Chain emphasized that they neither created nor endorsed the token, and had no control over it. Binance's founder and former CEO, Changpeng "CZ" Zhao, echoed BNB Chain's statement, describing the employee as a "scammer" and urging users to "Stay SAFE". The incident has raised concerns about security and oversight within the blockchain ecosystem.
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