Key facts
- BonkDAO's treasury was exploited for approximately $20 million in BONK tokens.
- A governance proposal titled 'Sowellian BonkDAO' facilitated the transfer of over 4.4 trillion BONK tokens.
- The tokens were moved from the treasury to an address identified as being funded via a Bybit account.
- Exchanges Upbit and Kraken have paused BONK deposits and withdrawals.
- Law enforcement has been notified, and investigations are ongoing.
The BonkDAO treasury, associated with the popular Solana-based meme coin Bonk, has been the target of a malicious governance attack, resulting in the loss of approximately $20 million worth of BONK tokens. The incident occurred around 4:00 a.m. ET on Monday, when a governance proposal, 'Sowellian BonkDAO,' was passed, enabling the transfer of over 4.4 trillion BONK tokens to an address identified as 'JHvQ.' This address was reportedly funded via a Bybit account. Subsequently, these tokens were moved to another Solana address, 'eh42.' The Bonk team is collaborating with centralized exchanges, network bridges, and the Solana Foundation to address the situation, recover funds, and identify those responsible. Law enforcement has been notified. In response to the security incident, exchanges Upbit and Kraken have paused deposits and withdrawals for the BONK token. BONK's market value has seen a decline of around 7% in the past 24 hours.