BonkDAO loses $20 million in governance attack

The decentralized organization governing the Bonk memecoin reported a major security breach on Monday, July 6, 2026, after an attacker used a malicious governance proposal to drain approximately $20 million worth of BONK tokens from its treasury. The incident, described by the Bonk team as a "malicious governance attack," exploited the token-weighted voting system of BonkDAO on the Solana blockchain.

According to the organization, the attacker spent roughly $4 million to acquire a large amount of BONK tokens, securing enough voting power to pass a proposal that authorized the transfer of treasury funds. The proposal, identified as Bonk Improvement Proposal 76, was passed and executed early Monday morning Eastern Time. It resulted in the transfer of more than 4.4 trillion BONK tokens from the DAO's treasury to an address controlled by the attacker.

Following the theft, the stolen tokens were moved toward cryptocurrency exchanges. In response, several exchanges, including South Korea's Upbit and U.S.-based Kraken, temporarily suspended deposits and withdrawals of BONK to prevent the attacker from cashing out. The Bonk team stated it has identified the exchange wallets used to...