BNB Chain accuses a former employee of creating and controlling the ASTEROID token using the seed phrase of a wallet created for a tutorial video. The individual acquired 796.7 million tokens, representing 79.67% of the total supply, for approximately $10,000 before selling 718.8 million for an estimated profit of $628,000. The massive concentration of ownership during early trading phases caused a crash of over 40%. BNB Chain denied any involvement in creating or promoting the token and has initiated legal proceedings alongside authorities. The incident highlights ongoing risks related to insufficient offboarding procedures and access controls across the crypto ecosystem.
Source: Read the original article
