BNB Chain sues former employee over unauthorized memecoin

BNB Chain, the blockchain ecosystem associated with Binance, announced on August 1, 2026, that it is pursuing legal action against a former employee for allegedly launching an unauthorized memecoin using a company-associated wallet. The blockchain firm stated it is cooperating with relevant authorities on the matter.

According to the company, the incident stems from a wallet created for an internal video tutorial in February 2025. The tutorial featured a test token called TST. After the employee left the company, they allegedly retained unauthorized access to the wallet's seed phrase. The individual then used that wallet to launch a new token called Asteroid Shiba (ASTEROID). BNB Chain emphasized that it did not create, authorize, promote, or endorse this token and has no control over it or the wallet.

The launch attracted attention because the deploying wallet's transaction history showed its prior use in an official BNB Chain tutorial, potentially leading traders to mistakenly believe the new token was affiliated with the company. On-chain analytics firm Lookonchain reported that four newly created wallets purchased approximately 80% of the ASTEROID supply for about $10,000...