Someone just took about $20 million in BONK tokens from BonkDAO's treasury. BONK is one of the biggest meme coins on Solana. BonkDAO described the incident as a malicious governance proposal. The project has not published a full technical breakdown.
BONK is run in part by a group treasury called BonkDAO, a shared pot of tokens that holders control together. Big decisions get made by proposals that people vote on. Some proposals carry instructions that the network can run on its own, like moving money out of the treasury, once enough holders vote yes and the vote is final.
The attacker appears to have used BONK voting power to pass a bad proposal, which then let treasury tokens move to wallets they controlled. BonkDAO confirmed the incident in an official statement on its X account. The project said an attacker passed a malicious proposal that let treasury funds move to wallets under their control. BONK's market value fell after the news, dropping below about $500 million, Blockonomi reported.
Why this is different from a normal hack
Many crypto thefts involve stolen keys, a broken piece of code, or a tricked user. This one appears to have abused the voting rules instead, based on BonkDAO's description. When a system is built so that a passing vote can move the money, an attacker who can win the vote does not need to break anything.
It is a warning for every project that runs itself this way. The safety of the money depends on who can win the vote, and on whether anyone can catch a bad proposal before it runs.
BonkDAO says it identified the exchange wallets that were used to buy BONK before the proposal and is working with exchanges, bridges, the Solana Foundation, and other relevant parties to recover the funds and find who is responsible. Cointelegraph reported that the project said it informed law enforcement.
