Key facts
- BonkDAO experienced a $20 million treasury drain.
- The exploit involved a malicious governance proposal.
- An attacker spent $4.4 million to gain voting power.
- The attacker passed the proposal to transfer tokens.
- Exchanges Upbit and Kraken have paused BONK transactions.
BonkDAO, the decentralized governance body behind the Solana-based memecoin BONK, has reported a significant treasury drain amounting to $20 million. The exploit was executed through a malicious governance proposal that was successfully passed. To gain the necessary voting power, an attacker reportedly spent $4.4 million. This allowed the attacker to pass the fraudulent proposal and subsequently transfer the BONK tokens from the DAO's treasury.