BonkDAO Confirms $20M Treasury Exploit as Stolen BONK Moves to Exchanges

• BonkDAO confirmed attackers drained $20 million in BONK through a malicious governance proposal, triggering market losses and investigations immediately underway.
• Upbit temporarily suspended BONK deposits and withdrawals while exchanges monitored stolen token movements during ongoing recovery efforts closely together now.
• BONK remains a leading Solana memecoin, while BonkDAO works with authorities to recover funds and identify attackers responsible quickly ahead.

BonkDAO has confirmed that attackers drained an estimated $20 million worth of BONK tokens from its treasury through a malicious governance proposal. According to Bonk Inu’s official X account, the stolen assets have already started moving toward cryptocurrency exchanges, increasing selling pressure on the memecoin and prompting an immediate response from market participants.

The project disclosed that the attacker successfully pushed through a fraudulent governance proposal before gaining access to treasury funds. Consequently, the unauthorized transaction allowed the wallet holding BonkDAO’s reserves to transfer a significant amount of BONK without legitimate approval.

According to Bonk Inu’s official X account, the movement of the stolen tokens toward exchanges contributed to increased market uncertainty. As traders reacted to the exploit, BONK fell more than 9%, reflecting concerns over potential selling activity and the project’s treasury losses.

Meanwhile, BonkDAO said it has informed law enforcement agencies about the incident. Additionally, the team stated that it is working with relevant organizations to trace the stolen assets, recover funds where possible, and identify those responsible for the attack.

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Upbit Suspends BONK Transactions as Investigation Continues

The exploit also prompted a swift response from South Korean cryptocurrency exchange Upbit. The exchange announced a temporary suspension of BONK deposits and withdrawals while it assessed the impact of the security incident and monitored blockchain activity linked to the stolen tokens. Besides suspending transactions, Upbit advised users to remain aware of the temporary service interruption until further notice. The precaution came as exchanges monitored wallet movements connected to the exploit.

BonkDAO has not released technical details explaining how the malicious proposal bypassed its governance safeguards. However, the project’s statement indicated that the exploit targeted its governance process rather than the underlying Solana blockchain. Governance-based attacks have become an increasing concern across decentralized autonomous organizations. Instead of exploiting blockchain infrastructure, attackers attempt to manipulate voting systems or treasury controls to gain unauthorized access to community funds. Consequently, many decentralized projects continue reviewing governance mechanisms to strengthen treasury security.

BONK remains one of the most recognized memecoins within the Solana ecosystem. Since its launch in December 2022, the token has built a large community through its initial airdrop and continued ecosystem growth. Moreover, its popularity has led to listings on major cryptocurrency exchanges and inclusion in several exchange-traded funds, expanding its reach beyond retail traders.

Conclusion

BonkDAO now faces the challenge of recovering from a significant treasury loss while investigators work to trace the stolen tokens. Meanwhile, investors and exchanges continue monitoring official updates as recovery efforts and the broader investigation move forward.

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