BNB Chain sues ex-employee over $628K memecoin trade

BNB Chain said on Aug. 1 that it was pursuing legal action against a former employee who allegedly retained unauthorized access to a seed phrase and later used the associated wallet address with a new memecoin. Summary BNB Chain says a former employee retained unauthorized seed phrase access after leaving the company. Four wallets allegedly bought 79.67% of ASTEROID’s supply for $10,000 before later selling most tokens. Lookonchain estimates 1,103 BNB in sales produced approximately $628,000 in profit for the alleged operator. The network said it was cooperating with authorities but did not identify the individual, jurisdiction, agency or court. The wallet was created for a company video tutorial showing how to generate a token, according to BNB Chain’s statement. The organization said the former employee later generated a new private key from the retained seed phrase. It denied creating, authorizing, promoting or participating in the new token. A wallet address was previously created by a former employee, which they then used to generate a token, as part of a video tutorial. That individual is no longer with the company as part of this incident.The individual retained unauthorised...