BonkDAO Hit by $20 Million Governance Attack, BONK Price Drops

BonkDAO became the latest target of a crypto governance attack after an estimated $20 million worth of BONK tokens was drained from its treasury, according to the project’s official X account. The attacker reportedly pushed through a suspicious governance proposal that allowed the funds to be withdrawn.

Stolen Funds Moving to Exchanges

The stolen BONK tokens have started flowing toward crypto exchanges, adding selling pressure that pushed the token’s price down more than 9%. South Korean exchange Upbit responded by suspending deposits and withdrawals for BONK, citing the incident.

Law Enforcement Notified

BonkDAO confirmed law enforcement has been alerted and said the team continues working with relevant parties to recover the stolen funds and identify those responsible.

BONK is a dog-themed memecoin launched on Solana in December 2022, known for its large community airdrop. It has built a reputation as one of the more established memecoins and has even been included in some crypto ETFs.