BNB Chain employee retained unauthorized wallet access and launched a meme token; company pursuing legal action.
Regulation & Gov ·
BNB Chain has disclosed that a former staff member retained possession of a wallet seed phrase after departing the company and leveraged it to create a new private key. The individual then used this access to launch a meme token independently. BNB Chain stated it did not authorize, endorse, or participate in the token's creation and holds no control over the wallet or token itself. The chain is pursuing legal action against the ex-employee and collaborating with authorities.
The wallet was originally set up by the individual as part of an educational video demonstration. After the person's departure, they preserved unauthorized control of the associated seed phrase, enabling them to generate fresh credentials and deploy the token without BNB Chain's involvement. According to reporting, the meme token generated roughly $638,000 in value.
Key details remain partially unclear, including the outcome status of the legal proceedings and whether the authorities contacted have opened formal investigations. The incident underscores risks tied to retaining access to infrastructure used in public tutorials and educational material.