BonkDAO Governance Attack Drains $20 Million Treasury With $4 Million Vote
Summary
- BonkDAO said a malicious governance attack drained Bonk tokens worth about $20 million from its treasury.
- BonkDAO said it confirmed that the hacker had accumulated large amounts of Bonk through an exchange account before the governance proposal was submitted.
- BonkDAO said it is working with exchanges, cross-chain bridges and the Solana Foundation to track fund movements and prevent further losses.
Forecast Trend Report by Period
BonkDAO, the governance organization behind Bonk, a leading Solana-based meme-coin ecosystem, said roughly $20 million worth of Bonk tokens was drained from its treasury in a malicious governance attack.
Wu Blockchain reported on July 6 that the loss occurred after a malicious governance proposal passed, allowing Bonk tokens worth about $20 million held in the treasury to be stolen.
BonkDAO said tracing of the address used in the attack showed the hacker had amassed a large amount of Bonk through an exchange account before the proposal was submitted. The group said it is working with exchanges, cross-chain bridges and the Solana Foundation to track the movement of funds and prevent further losses.
Security researcher Cos said the proposal was created six days before voting began, and only seven addresses participated in the vote. Addresses linked to the hacker accounted for 99.878% of the total voting power.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.