Solana Meme Coin Bonk Treasury Drained of $20 Million in 'Malicious' Governance Attack - Decrypt

In brief

BONK suffered a $20 million exploit related to a malicious governance attack.

A passed proposal sent 4.4 trillion BONK tokens to an alleged attacker's address.

The meme coin team is working with exchanges and the Solana Foundation to manage the situation.

BonkDAO, the decentralized autonomous organization tied to the popular Bonk meme coin on Solana, fell victim to a "malicious" governance attack that resulted in a roughly $20 million heist from its treasury. The team behind the meme coin and its various endeavors said it is working with centralized exchanges, network bridges, and the Solana Foundation as it navigates the situation. “During the investigation, BonkDAO identified the exchange wallets used to purchase BONK ahead of the proposal,” the meme coin account posted on X. “Law enforcement has been notified,” it said. “BonkDAO continues to work with relevant parties to recover funds and identify those responsible.”