BNB Chain Says Former Employee Misused Official Test Wallet to Issue Meme Coin, Plans Legal Action

BNB Chain said a former employee improperly used an official test wallet to issue a new meme coin.

In a post on its official X account on August 1, BNB Chain said an investigation found that the former employee used an official test wallet created during the production of a tutorial video to generate a new private key and took part in issuing the meme coin Asteroid (ASTEROID).

The wallet had originally been created for training purposes to demonstrate the meme coin TST.

BNB Chain said Asteroid was not created, approved or promoted by the network, and that it had no involvement in the issuance process. The token and wallet address have no connection to BNB Chain and were not officially authorized, it added.

BNB Chain said it is pursuing legal proceedings against the former employee and is cooperating with relevant government authorities.

Asteroid previously drew investor attention after its market capitalization surpassed $10 million about four hours after its launch in the BNB Chain ecosystem.