Bonk (CRYPTO: BONK) plummeted on Monday after hackers drained nearly $20 million worth of the memecoin from the project’s treasury.
‘Malicious Governance Proposal’
BonkDAO, the decentralized autonomous organization tied to the Solana (CRYPTO: SOL)-based cryptocurrency, said that it became the target of a “malicious governance proposal,” resulting in the loss of tokens.
BonkDAO added that it has traced the wallets linked to the hack and is currently coordinating with major exchanges, bridges, and the Solana Foundation to “manage the situation.”
“Law enforcement has been notified. BonkDAO continues to work with relevant parties to recover funds and identify those responsible,” it said.
