TLDR
- BNB Chain says a former employee kept access to a tutorial wallet after leaving the company.
- The wallet was allegedly used to create and launch the ASTEROID meme token without approval.
- On-chain data shows four linked wallets bought 79.67% of the token supply for about $10,000.
- Those wallets later sold tokens for roughly $638,000, an estimated profit near $628,000.
- BNB Chain is cooperating with authorities and has started legal action, though no names or case details have been shared.
BNB Chain has accused a former employee of secretly keeping control of a company wallet after leaving the business. The wallet was originally made for a tutorial video showing users how to create a token.
According to BNB Chain, the employee held onto the wallet’s seed phrase after their exit. That seed phrase was later used to generate a new private key, giving them full access to the wallet again.
With that access, the former employee allegedly launched a new meme coin called Asteroid Shiba, or ASTEROID. BNB Chain says it had no part in creating, approving, or promoting the token.
The company posted about the situation on X on August 1. It said it is working with authorities and has already begun legal action.
No court, agency, or jurisdiction has been named so far. BNB Chain also has not identified the former employee publicly.
How the Token Supply Was Controlled
Blockchain tracking account Lookonchain looked into the token’s early trading activity. It found that four wallets, believed to be linked to the same person, bought 796.7 million ASTEROID tokens.
That amount equals 79.67% of the token’s total one billion supply. The wallets reportedly spent close to $10,000 to acquire that share.
Those same wallets later sold 718.8 million tokens for 1,103 BNB. At the time, that BNB was worth about $638,000.
The estimated profit from the trades comes to roughly $628,000. As the tokens were sold, the price of ASTEROID dropped by more than 40%.
Blockchain records can show wallet activity, but they cannot confirm who personally controls a wallet. There has been no court ruling connecting the wallets to a specific individual.
Binance co-founder Changpeng Zhao also commented on the situation on X. He called the former employee “basically a scammer” and told users to “Stay SAFU.”
His comments are personal statements and not part of any official legal finding.
What Remains Unclear
BNB Chain has not said when the employee left the company. It also has not said how long the seed phrase remained active before the unauthorized use was discovered.
The company has not confirmed whether other tutorial wallets are being reviewed for similar risks. It also has not shared whether any funds have been frozen or recovered.
There is no public information yet on whether the four wallets still hold the 1,103 BNB from the token sales. BNB Chain has not said if it plans to seek repayment or damages.
For now, the case remains open, with legal steps underway and authorities involved. Further details are expected as the investigation continues.