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BNB Tutorial Wallet Becomes "Rogue" Wallet
BNB Chain is taking legal action against a former employee accused of using unauthorized wallet access to privately distribute a memecoin. The wallet was originally created for a video tutorial on how to issue tokens on BNB Chain. The employee allegedly retained the wallet's mnemonic after leaving the company, allowing him to regain control of the creator's address and use it to issue a new token.
Blockchain analytics platform Lookonchain pointed out that the former employee deployed a meme token called Asteroid Shiba (ASTEROID) and used four newly created wallets to purchase 796.7 million tokens, accounting for 79.67% of the total supply. Subsequently, the wallets sold 718.8 million tokens in exchange for 1,103 BNB, worth approximately US$638,000 at current prices.
The token also sparked opposition from earlier projects using the Asteroid Shiba name, which denied any involvement and said the new token copied its identity.
BNB Chain draws a clear line with Zhao Changpeng
BNB Chain stated that the token was not created, authorized, promoted or supported by the company in any form. The network said it was filing legal proceedings against former employees and working with relevant government agencies. The parties to the agreement urge users not to associate the token with the project and to obtain information only through official certification channels.
Zhao Changpeng (CZ) called the former employee "essentially a liar" and called on users to "keep SAFU." These remarks are personal accusations and not court decisions.
This incident highlights the broader operational risks faced by cryptocurrency organizations. In this case, the employee failed to revoke access to the mnemonic words after leaving the company, providing an opportunity for subsequent exploitation of the vulnerability. BNB Chain has not released the names of former employees, courts, agencies or specific jurisdictions.
