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.
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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.
