BNB Chain said on X that a wallet address at the center of a new token controversy had originally been created by a former employee and used in a video tutorial to generate tokens. The company said that individual is no longer employed there because of the incident. According to BNB Chain, after leaving the company, the former employee still had unauthorized access to the mnemonic phrase tied to the wallet and used it to generate a new private key. BNB Chain said it later learned that the same address was being used independently for a new meme token. The company said it did not create, authorize, promote, or participate in the creation of that token, and that it has no control over either the token or the wallet address. BNB Chain added that neither the token nor the wallet is associated with or endorsed by the company. It also said it is taking legal action against the former employee and cooperating with relevant authorities. Separately, community estimates cited in the update said the developer made more than $1 million from a bundled token launch.
BNB Chain issued a statement on X addressing the TST new-token incident.
The company said a wallet address involved in the matter had previously been created by a former employee and used in a video tutorial to generate tokens. It said that person is no longer with the company because of the incident. After leaving, the former employee still had unauthorized access to the mnemonic phrase connected to the wallet and used it to generate a new private key.
BNB Chain said it later learned that the same address was being used independently for a new meme token. The company said it did not create, authorize, promote, or participate in creating the token, and that it cannot control either the token or the wallet address. It added that neither the token nor the wallet is affiliated with BNB Chain or endorsed by it.
BNB Chain also said it is taking legal action against the former employee and cooperating with relevant authorities in the case.
According to community estimates cited in the update, the developer made more than $1 million through a bundled token issuance.
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