BonkDAO Loses $20 Million in Malicious Governance Proposal Attack
BonkDAO has suffered a major security breach, losing approximately $20 million worth of BONK tokens after a malicious governance proposal was approved.
What Happened
According to Bonk Inu’s official X account, an attacker successfully pushed through a suspicious governance proposal. This allowed the attacker to drain funds from the BonkDAO treasury.
The stolen BONK tokens have been moved to crypto exchanges, putting immediate selling pressure on the token.
Market Impact
BONK price dropped over 9% following the attack. South Korea’s largest exchange, Upbit, has temporarily suspended BONK deposits and withdrawals to protect users.
BonkDAO Response
BonkDAO has notified law enforcement and is actively working with relevant parties to recover the stolen funds and identify those responsible.
“Law enforcement has been notified. BonkDAO continues to work with relevant parties to recover funds and identify those responsible.”
About BONK
BONK is a popular dog-themed memecoin on the Solana blockchain, launched in December 2022. It gained fame through large community airdrops and is considered one of the more established memecoins, even being included in some ETFs.
