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BONK DAO Attacker Moves Another $1.19M to Coinbase as Price Slides 7%

source-logo  bitcoinworld.co.in 13 h
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The wallet address responsible for the $21.2 million $BONK DAO governance attack has deposited an additional 400 billion $BONK tokens, valued at approximately $1.19 million, into the Coinbase exchange, according to blockchain monitoring service EmberCN. The deposit triggered a further 7% decline in $BONK’s price, compounding losses for token holders already reeling from the breach.

Ongoing Fallout from the $BONK DAO Attack

The attack, which occurred in late July 2024, exploited a vulnerability in the $BONK DAO’s governance mechanism, allowing the attacker to drain 5.4 trillion $BONK tokens—worth $21.2 million at the time—from the DAO treasury. Since then, the attacker has been methodically moving small tranches of the stolen tokens to centralized exchanges, likely in an attempt to liquidate them without causing excessive slippage. This latest deposit brings the total moved to Coinbase to over 1.2 trillion $BONK.

According to CoinMarketCap data, $BONK is currently trading at $0.00000293, down 8.74% over the past 24 hours. The token has lost more than 30% of its value since the attack was first disclosed, as investor confidence in the project’s security has eroded.

South Korean Exchanges Suspend $BONK Services

Adding to the pressure, major South Korean cryptocurrency exchanges Upbit and Bithumb have temporarily suspended $BONK deposits and withdrawals since July 7. The suspension has created a price divergence, with $BONK trading at a discount on these platforms compared to global markets. South Korean regulators have not publicly commented on the suspension, but local exchange policies often require additional security reviews following major incidents.

What This Means for $BONK Holders

The ongoing sell pressure from the attacker’s deposits, combined with reduced liquidity from the South Korean exchange suspensions, creates a challenging environment for $BONK holders. The price divergence between Korean and global exchanges suggests that arbitrage opportunities exist, but the risk of further deposits by the attacker may deter buyers. The $BONK DAO has not announced any compensation plan for affected token holders, and the attacker’s identity remains unknown.

Conclusion

The $BONK DAO attack continues to reverberate through the market as the attacker systematically moves stolen funds to exchanges. The combination of active liquidation and regional exchange suspensions has driven $BONK to multi-month lows. Investors should monitor on-chain activity for further deposits and watch for any updates from the $BONK DAO regarding security enhancements or recovery efforts.

FAQs

Q1: How much $BONK has the attacker moved to exchanges so far?
The attacker has moved over 1.2 trillion $BONK tokens to Coinbase in multiple transactions since the attack. The total value of the stolen tokens was $21.2 million at the time of the breach.

Q2: Why did Upbit and Bithumb suspend $BONK deposits and withdrawals?
South Korean exchanges Upbit and Bithumb temporarily suspended $BONK services on July 7, likely as a precautionary measure following the DAO attack. The suspension is intended to protect users and allow for additional security review.

Q3: Is there any way for $BONK holders to recover their losses?
As of now, the $BONK DAO has not announced a compensation or recovery plan. The attacker’s identity is unknown, and the stolen funds are being actively moved to exchanges. Token holders should exercise caution and monitor official DAO communications for any updates.

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