Notable selling activity has occurred in the ASTEROID token, reportedly launched by a former BNB Chain employee. According to the on-chain analytics platform Lookonchain, the token’s developer made a profit of approximately $628,000 by selling a significant portion of their holdings.
According to shared data, a former BNB Chain employee purchased ASTEROID tokens through four newly opened wallets after creating the token. These wallets bought a total of 796.7 million ASTEROID tokens for $10,000.
The amount purchased represented 79.67% of ASTEROID’s total supply. The developer, who controlled the majority of the token supply, subsequently sold 718.8 million ASTEROID on the market.
A total of 1,103 BNB, or approximately $638,000, was generated from the sales. After deducting the $10,000 spent on the initial purchase, the profit from the transactions was calculated to be approximately $628,000.
BNB Chain previously announced that a former employee had maintained unauthorized access to the seed phrase associated with the company’s official test wallet and used this access to mine a memecoin called ASTEROID.
The company emphasized that ASTEROID was not created, authorized, or supported by BNB Chain. BNB Chain also announced that legal action had been initiated against the former employee and that they were cooperating with relevant public authorities.
*This is not investment advice.
