Memecoin

Tutorial

Asteroid Shiba

Shiba

<h2 id="tutorial-wallet-turned-rogue">Tutorial Wallet Turned Rogue</h2><p>BNB Chain is pursuing legal action against a former employee accused of using unauthorized wallet access to independently launch a memecoin. <cite>The wallet was originally created for a video tutorial explaining how to launch tokens on BNB Chain.</cite><cite>The individual allegedly retained the wallet's seed phrase after leaving the company, allowing them to regain control of the creator address and use it to launch a new token.</cite></p><p><cite>Blockchain analytics platform Lookonchain 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.</cite><cite>Those wallets later sold 718.8 million tokens for 1,103 <a href="https://x.com/search?q=%24BNB&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$BNB</a>, worth about $638,000 at the time of the transaction.</cite></p><p><cite>The token also drew objections from an earlier project using the Asteroid Shiba name, which denied any involvement and said the newer token copied its identity.</cite></p><h2 id="bnb-chain-and-changpeng-zhao-distance-themselves">BNB Chain and Changpeng Zhao Distance Themselves</h2><p><cite>BNB Chain said the token was not created, authorized, promoted, or supported by the company in any form.</cite><cite>The network said it is pursuing legal proceedings against the former employee and is cooperating with relevant government authorities.</cite> The protocol urged users not to associate the token with the project and to rely only on its verified communication channels for official information.</p><p><cite>Changpeng "CZ" Zhao called the former employee "basically a scammer"</cite> and urged users to "Stay SAFU." <cite>The remarks were personal allegations, not a court finding.</cite></p><p>The incident highlights a broader operational risk in crypto organizations. In this case, the failure to revoke access to the seed phrase after the employee's departure created the opening that was later exploited. <cite>BNB Chain has not named the former employee, court, agency, or exact legal jurisdiction.</cite></p><p><b>Sources:</b><br><a href="https://www.theblock.co/post/410351/bnb-chain-pursuing-legal-action-against-former-employee-over-memecoin-launched-from-tutorial-wallet" rel="noopener noreferrer nofollow">The Block: BNB Chain pursuing legal action against former employee over memecoin launched from tutorial wallet</a><br><a href="https://www.tradingview.com/news/cointelegraph:323fe4296094b:0-bnb-chain-pursues-legal-action-after-ex-employee-s-memecoin-launch/" rel="noopener noreferrer nofollow">CoinTelegraph via TradingView: BNB Chain pursues legal action after ex-employee's memecoin launch</a><br><a href="https://blockonomi.com/bnb-chain-pursues-legal-action-against-ex-employee-over-asteroid-memecoin" rel="noopener noreferrer nofollow">Blockonomi: BNB Chain pursues legal action against ex-employee over ASTEROID memecoin</a></p>

BNB Chain, CZ Denounce Ex-Employee's Rogue Memecoin Launch

Table of Contents

BSCN

Other articles published on Aug 3, 2026

Little Pepe Presale Ends This Weak: LILPEPE Launch or Stage 14 Next?

Coldcard exploit sparks call for independent audits: Kraken CSO

Binance Earn August Dual Investment Leaderboard Offers Up to 5,888 USDC in Rewards

ZeroStack Flags Survival Risk After $82.5M Crypto Treasury Loss

CLARITY Act Misses Monday Senate Schedule Before Recess

Alchemy Pay adds Michigan, its 19th US money transmitter license

Join our free newsletter for daily crypto updates!