a former BNB Chain employee created a wallet while he was still working there he left the company but kept the seed phrase used it to generate a new private key and launch a meme token people thought it was an official BNB Chain token because the wallet was linked to the company it wasn’t. BNB Chain had nothing to do with it now they’re taking legal action against the former employee but the damage is already done. people already bought the token thinking BNB was behind it this is what happens when companies don’t rotate wallet access after an employee leaves in web2 when you fire someone you disable their email, revoke their access, and change the passwords in web3 a former employee can walk away with a seed phrase and there’s no way to revoke it you can’t change the password to a blockchain wallet once someone has the seed phrase they have it forever this is why companies need multisig. not single wallets controlled by one person one employee. one seed phrase. one meme token. millions in potential losses for people who trusted the BNB name the wallet was the company’s problem but the people who bought the token without verifying? that’s on them always verify. even if a wallet looks official. even if it’s linked to a big name the wallet address is not the brand. anyone with the keys can use it