BonkDAO Loses $20M in BONK Token Governance Attack

BonkDAO lost ~$20M in BONK on July 6 after an attacker passed a malicious governance proposal. South Korea's Upbit suspended deposits and withdrawals.

Solana News

A governance attack on BonkDAO drained an estimated $20 million worth of Bonk (BONK) tokens from the protocol's treasury on July 6.

The project

the incident through its official X account, saying an attacker had pushed through a fraudulent governance proposal to access the funds.

The attacker exploited BonkDAO's proposal system to authorize a treasury withdrawal. Once the transaction was approved on-chain, the stolen BONK began moving toward crypto exchanges, where it could be converted into other assets.

BONK Price Falls Over 9% After Attack

Selling pressure from the stolen tokens moving toward exchanges drove BONK down more than 9% on July 6. No buyer-side activity was large enough to offset the volume hitting the market from the attacker's wallets.

South Korean exchange Upbit posted a notice on July 6 stating it had temporarily suspended all BONK deposits and withdrawals. The exchange did not give a timeline for when access would be restored.

Law Enforcement Notified, Recovery Ongoing

BonkDAO said on its X account that it had notified law enforcement and was working with relevant parties to identify the attacker and recover the stolen funds. No further details were given on the status of that process.