BonkDAO confirms a governance exploit drained $20 million in BONK tokens, identifying wallets linked to the attack.
Hackers exploited a malicious governance proposal to drain approximately $20 million worth of BONK tokens from the BonkDAO treasury. The attack targeted the Solana-based meme coin’s governance system, allowing unauthorized access to funds.
BonkDAO identified the exchange wallets used to purchase BONK tokens ahead of the proposal, suggesting premeditated action. No prior incidents of this scale have been reported for the project, which has seen growing adoption in decentralized finance circles.
The investigation is ongoing, with no immediate market reaction details disclosed. BONK token liquidity and trading activity remain under scrutiny as stakeholders assess the breach’s impact.