Quick Takeaways
- An attacker manipulated BonkDAO’s governance by buying enough voting tokens to authorize and drain $21.2M from the treasury, walking away with $16.8M profit.
- The theft was executed through a coordinated on-chain proposal, voting support, and transfer of funds, with the attacker creating a new DAO (“BONK 2.0”) to control the stolen assets.
- BonkDAO has alerted law enforcement, identified involved wallets, and is working with exchanges and the Solana Foundation to manage the fallout.
- The incident sparks debate: some see it as a legitimate vote, while others argue it might constitute fraud or breach of fiduciary duty, raising questions about DAO governance and legality.
Hack or Governance? BONK’s $21M Treasury Vote Sparks Debate
What Happened?
A recent incident involving BonkDAO has divided opinions in the crypto community. An anonymous wallet used $4.4 million worth of BONK tokens to influence a governance vote. The vote enabled the attacker to drain $21.2 million from BonkDAO’s treasury. Law enforcement has been alerted, and exchanges are cooperating to handle the situation. The attacker made a profit of about $16.8 million. Some see this as a theft, while others believe the DAO acted within its rules.
How Did It Happen?
Blockchain analytics show the process started on June 30. The attacker made a proposal asking to move billions of BONK tokens to their wallet. To pass, the proposal needed support from 1% of the BONK supply, which is nearly 88 trillion tokens. Starting July 4, the attacker bought enough BONK on major exchanges to reach this support. They then voted “yes” with their tokens, which allowed the transfer of over 4 trillion BONK. Later, the attacker sent small amounts to an exchange and created a new DAO, “BONK 2.0,” to control the stolen funds. They are controlling this new DAO alongside their wallet and another associated wallet. BonkDAO confirmed the theft and is working with law enforcement and exchanges to manage the situation. Despite the loss, the BONK token dropped slightly but remains higher than its weekly levels.
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Disclaimer
This content is for informational and entertainment purposes only and does not constitute financial or investment advice. Cryptocurrency is highly speculative and carries significant risk, including the potential loss of your entire investment. This information may be outdated or incomplete. Do not make financial decisions based on this information. Consult a licensed financial advisor before investing. This site does not offer, sell, or advise on cryptocurrency, securities or other regulated financial products in compliance with SEC and applicable laws. Please do your own research and seek professional advise.
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