BNB Chain pursues action over $638K memecoin sales

• BNB Chain is pursuing legal action after alleging a former employee used unauthorised wallet access to launch a memecoin.
• Lookonchain alleged linked wallets sold 718.8 million ASTEROID for 1,103 BNB, worth about US$638,000.
• BNB Chain said it is cooperating with relevant authorities and denied creating, authorising or promoting the token.

BNB Chain said a former employee allegedly used unauthorised wallet access to launch Asteroid Shiba (CRYPTO), prompting legal action.

The wallet originated from a February 2025 token-launch tutorial and had previously been used to create the TST test token.

“BNB Chain did not create, authorise, promote or participate in the creation of this token,” BNB Chain said.

Lookonchain alleged four wallets bought 796.7 million ASTEROID for about US$10,000, representing 79.67% of the token's supply.

Those wallets allegedly sold 718.8 million ASTEROID for 1,103 BNB (CRYPTO), worth about US$638,000, according to Lookonchain.

BNB Chain said the former employee retained unauthorised access to the tutorial wallet's seed phrase after leaving the company.

The company did not specify the legal action or jurisdiction but said it was cooperating with relevant authorities.

At the time of reporting, BNB price was $587.55.