BonkDAO Treasury Drained of $20M After Malicious Governance Proposal
An unknown actor used a malicious governance proposal to drain approximately $20 million in BONK tokens from the BonkDAO treasury. The team is cooperating with exchanges, bridges, the Solana Foundation, and law enforcement to track the funds.
Approximately $20 million worth of BONK tokens were withdrawn from the BonkDAO treasury after a malicious proposal was passed through the DAO's governance system. The project stated that the exploit was not a smart contract vulnerability but rather an abuse of the voting mechanism itself.
The team is working with exchanges, bridges, the Solana Foundation, and law enforcement agencies to trace the stolen funds. In response to the incident, major exchanges Kraken and Upbit have temporarily suspended deposits and withdrawals of BONK.
Over the past 24 hours, the BONK token has lost 7.7% of its value amid market reaction to the incident.
Source: ForkLog