BNB Chain Denies Link to Unauthorized Memecoin

BNB Chain denied involvement with a meme token after alleging a former employee used retained wallet access to create the asset.

BNB Chain Denies Link to Unauthorized Memecoin

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Written by

Helen Partz

staff writer

Reviewed by

Yohan Yun

staff editor

Written by

Helen Partz

staff writer

Reviewed by

Yohan Yun

staff editor

BNB Chain pursues legal action after ex-employee’s memecoin launch

Latest News

Published

Aug 2, 2026

BNB Chain said a former employee allegedly used a company tutorial wallet to create a memecoin that the company says it did not authorize or endorse.

BNB Chain, the blockchain ecosystem behind the BNB cryptocurrency, said it is pursuing legal action after a former employee allegedly used unauthorized access to a wallet to launch a memecoin.

In an X post on Saturday, BNB Chain

said

the wallet was originally created for a video tutorial explaining how to launch tokens on BNB Chain. It said the former employee retained unauthorized access to the wallet’s seed phrase after leaving the company and later used the address to create a new token.

Blockchain analytics platform Lookonchain subsequently

alleged

that the former employee deployed a meme token called Asteroid Shiba (ASTEROID) and used four newly created wallets to buy 796.7 million tokens, representing 79.67% of the total supply. Lookonchain further alleged that the wallets later sold 718.8 million tokens for 1,103 BNB, worth about $638,000 at the time of the transaction.

“BNB Chain did not create, authorize, promote or participate in the creation of this token and has no control over the token or wallet address,” BNB Chain said.

Binance founder and former CEO Changpeng “CZ” Zhao shared BNB Chain’s statement on X and

wrote

that the former employee was “basically a scammer,” while advising users to “Stay SAFU.”

Related:

Binance ‘red teams’ its own staff every month to keep hackers out

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