worldcoinindex.com
BonkDAO has disclosed a major security incident after attackers allegedly exploited its governance system to siphon approximately $20 million worth of $BONK tokens from the project's treasury.
The announcement was made Monday through Bonk Inu's official X account, where the team confirmed that the DAO had fallen victim to what it described as a malicious governance proposal. According to the statement, the proposal was used to gain unauthorized access to treasury funds, allowing the attacker to transfer a substantial amount of $BONK out of the DAO's reserves.
Project representatives said the stolen assets have already begun moving toward cryptocurrency exchanges, increasing selling pressure on the memecoin and contributing to a decline in its market price.
The team added that it is actively coordinating with blockchain investigators, exchange partners, and law enforcement agencies to trace the stolen funds and identify those responsible. Efforts to recover the assets are ongoing, although no timeline has been provided.
Following news of the exploit, South Korea-based crypto exchange Upbit temporarily halted $BONK deposits and withdrawals as a precautionary measure. The exchange notified users that the suspension would remain in place while it monitored the situation and assessed any potential risks associated with the compromised funds.
The incident highlights the risks surrounding decentralized governance systems, where token holders can vote on proposals that control treasury assets and protocol operations. If governance safeguards are weak or compromised, attackers may be able to manipulate voting processes to gain control over significant funds.
Despite the setback, BonkDAO said it remains focused on securing the protocol and working with relevant parties to investigate the breach.
$BONK, a dog-themed memecoin built on the Solana blockchain, debuted in late 2022 and quickly gained popularity through a large community airdrop. Unlike many short-lived meme tokens, $BONK has established a sizable ecosystem and has earned listings on major exchanges. The token has also been selected for inclusion in several crypto-focused investment products, strengthening its standing within the broader digital asset market.
The exploit adds to a growing list of attacks targeting decentralized autonomous organizations and governance mechanisms, underscoring the importance of stronger security controls for on-chain treasury management. Market participants will now be watching closely for updates on recovery efforts and whether the stolen $BONK can be traced before it is fully liquidated.