BNB Chain is pursuing legal action against a former employee who allegedly used an official company wallet to launch an unauthorized memecoin. According to a statement shared by the blockchain ecosystem, the individual accessed a wallet originally created for a video tutorial and used it to deploy a new token without permission, endorsement, or oversight from the company.
The wallet in question was initially set up to demonstrate how users can create and deploy tokens on the BNB Chain. However, after leaving the organization, the former employee allegedly retained the wallet’s seed phrase. Blockchain analytics platform Lookonchain reported that the individual used this unauthorized access to deploy a token named Asteroid Shiba (ASTEROID). Shortly after deployment, four newly created wallets bought up nearly 80% of the token supply, later liquidating the majority of those holdings for 1,103 BNB—valued at approximately $638,000 at the time.
BNB Chain Denies Involvement as Former CEO Warns Users
BNB Chain quickly clarified its distance from the project, emphasizing that it had no role in creating, promoting, or managing the token. The team stated clearly that it holds no control over the asset or the wallet address involved. Binance co-founder and former CEO Changpeng “CZ” Zhao reshared the statement on social media, referring to the former employee as “basically a scammer” and reiterating his classic advice for crypto investors to “Stay SAFU.”
The incident highlights ongoing security risks surrounding secret management and access control within crypto organizations, especially when key operational materials like tutorial seed phrases are left exposed. As legal proceedings move forward, BNB Chain continues to remind the community to independently verify token authenticity and exercise caution when trading newly listed memecoins.
