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BNB How token supply is controlled
BNB Chain said a former employee retained access to a tutorial wallet after leaving the company. The wallet was allegedly used to create and issue a meme token called ASTEROID without authorization. Chain data shows that four related wallets purchased 79.67% of the token supply for approximately US$10,000. The wallets then sold the tokens for approximately $638,000, with an expected profit of nearly $628,000. BNB Chain is working with authorities and has initiated legal proceedings, but has not yet released specific names or case details.
Unclear Information
BNB Chain accuses a former employee of secretly retaining control of the company's wallet after leaving the company. The wallet was originally created for a tutorial video to show users how to create tokens. According to BNB Chain, the employee still held the wallet's mnemonic after leaving the company. The mnemonic is then used to generate a new private key that allows it to regain full access to the wallet.
The wallet address was created by a former employee and was subsequently used to generate tokens as part of a video tutorial. The person has left the company due to the incident. The person retained unauthorized access to the relevant mnemonic words...
With that access, the former employee allegedly issued a new meme coin called Asteroid Shiba (or ASTEROID). BNB Chain stated that it did not participate in the creation, approval or promotion of the token. The company released the relevant information on the X platform on August 1, 2026. It said it was cooperating with authorities and had begun legal action. Specific courts, agencies or jurisdictions have not been announced. BNB Chain also did not publicly confirm the identity of the former employee.
How the token supply is controlled
The blockchain tracking account Lookonchain investigated early trading activity in the token. It found that four wallets believed to belong to the same person purchased 796.7 million ASTEROID tokens. This amount is equivalent to 79.67% of the total supply of 1 billion coins. According to reports, the wallets spent nearly $10,000 to gain that share. Subsequently, the wallets sold 718.8 million tokens and received 1,103 BNBs. At the time, these BNBs were worth approximately $638,000. Estimated profit on the transaction is approximately $628,000. As the tokens were sold off, the price of ASTEROID fell by more than 40%.
Blockchain records can show wallet activity, but cannot confirm who actually controls the wallet. There has been no court ruling linking these wallets to specific individuals. Binance co-founder Zhao Changpeng also commented on this matter on the X platform. He called the former employee "basically a fraud" and told users to "keep SAFU." His comments are a personal statement and are not part of any official legal ruling.
Unclear Information
BNB Chain has not stated when the employee will leave. It also did not say how long the mnemonic would remain in effect before unauthorized use was discovered. The company has not confirmed whether it is reviewing other tutorial wallets to guard against similar risks. It also did not disclose whether any funds had been frozen or recovered. There is currently no public information on whether these four wallets still hold 1,103 BNBs from token sales. BNB Chain has not said whether it plans to seek compensation or losses. Currently, the case is still ongoing, legal steps are in progress, and the authorities have intervened. As the investigation continues, more details are expected to be released.
