Key facts
- The treasury of the Solana-based memecoin Bonk was exploited.
- An unknown entity drained $20 million worth of tokens from the treasury.
- A malicious governance proposal was used to execute the exploit.
- Law enforcement has been notified of the incident.
- Exchanges Upbit and Kraken have paused BONK deposits and withdrawals.
The treasury of Bonk, a memecoin operating on the Solana blockchain, has been exploited, resulting in a loss of $20 million worth of tokens. The decentralized autonomous organization (DAO) responsible for Bonk's governance announced the exploit, stating that an unknown entity initiated the attack. The attacker reportedly used a malicious governance proposal to gain access to and drain the treasury funds. Following the incident, law enforcement agencies have been notified. Major cryptocurrency exchanges Upbit and Kraken have taken action by pausing all deposits and withdrawals for the BONK token. This measure is likely intended to prevent further illicit movement of the stolen assets and to aid in the ongoing investigation.