BonkDAO Says Governance Attack Drained $20 Million in BONK From Its Treasury

BonkDAO disclosed that a fraudulent governance proposal resulted in the loss of about $20 million in BONK holdings, highlighting a major security lapse in the Solana memecoin ecosystem.

The governance body said it has identified exchange accounts allegedly linked to the attacker, who accumulated BONK before the proposal was put to a vote. BonkDAO added that it is working with cross-chain bridges, exchanges, and the Solana Foundation to investigate the incident and recover the stolen funds.

Details shared by security researcher Cos suggest the governance process was heavily manipulated. According to the researcher, the proposal was introduced just six days ahead of the vote and received participation from only seven addresses, with wallets linked to the attacker reportedly controlling 99.878% of the voting power.

The disclosure weighed on market sentiment, sending BONK down more than 7% over the past 24 hours.

Source: BonkDAO