400 Billion Stolen BONK Tokens Moved to Coinbase as Memecoin Slides 8%

BONK fell 8% in intraday trading after more tokens stolen through an abuse of BonkDAO governance were moved to Coinbase, adding to selling pressure.

On-chain analyst EmberCN said on July 18 that the attacker transferred 400 billion BONK to Coinbase that day through a governance proposal. The tokens were worth about $1.19 million at the time of the transfer.

The large inflow to an exchange weighed on the memecoin. As of 9:50 p.m., BONK was trading at $0.000002948, down 8.27% from a day earlier, according to CoinMarketCap.