cryptopolitan.com
07 July 2026 00:07, UTC
An attacker has moved roughly $20 million in $BONK tokens out of the BonkDAO community’s treasury. The token is now down more than 9%.
A chunk of the total token supply is now sitting in a thief’s wallet until they decide to sell.
BonkDAO confirmed through its official X account that it was the target of a malicious governance proposal resulting in an estimated $20M worth of $BONK tokens being drained from the BonkDAO treasury.
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The attack occurred on Solana’s Realms platform, which runs BonkDAO’s token-weighted voting system.
The perpetrator first accumulated a large amount of the $BONK token through exchange wallets, then submitted a proposal. Using that concentrated voting power, the proposal was passed easily. Once approved, the proposal authorized the treasury transfer.
Blockchain investigators estimate the attacker spent roughly $4 million to buy enough $BONK tokens for this attack.
Similar attacks have occurred on other Solana and cross-chain protocols between 2025 and 2026. Sometimes, those responsible used flash loans to borrow enough tokens to win the majority vote inside one transaction.
Although whether this attacker borrowed the tokens or accumulated them patiently through exchanges has not been confirmed.
Following the incident, the stolen $BONK started heading toward exchanges, and the token fell more than 9%. South Korea’s Upbit has since frozen the token, telling exchange users that $BONK deposits and withdrawals had been “temporarily suspended.”
BonkDAO said in its statement that it has identified the exchange wallets used to buy up its tokens before the proposal went live. It is reportedly also working with other exchanges, bridges, and the Solana Foundation to track the stolen money and try to freeze it before it disappears.
The project has yet to offer any timeline for getting the funds back.
