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BNB BNB Chain filed a lawsuit against a former employee for unauthorized creation of memin
BNB Chain, a blockchain ecosystem that supports BNB cryptocurrency, recently said it would take legal action against a former employee. The employee was suspected of having unauthorized access to the wallet and using the wallet to issue a meme coin.
BNB Chain said in a platform X post posted on Saturday that the wallet was originally created to create a video tutorial on how to issue tokens on BNB Chain. The post noted that the former employee retained unauthorized access to wallet mnemonics after leaving the company, and subsequently used the address to create a new token.
Blockchain analytics platform Lookonchain subsequently charged that the former employee deployed a meme token called Asteroid Shiba (ASTEROID) and used four newly built wallets to purchase 796.7 million tokens, accounting for 79.67% of the total token supply. Lookonchain further alleges that the wallets subsequently sold 718.8 million tokens for 1,103 BNB (valued at approximately $638,000 at the time of the transaction).
BNB Chain stated: "BNB Chain did not create, authorize, promote or participate in the creation of the token and has no control over the token or wallet address."
Binance founder and former CEO Zhao Changpeng (CZ) shared BNB Chain's statement on the X platform and wrote that the former employee was "basically a fraud" while advising users to "keep safe."
