BonkDAO | Crypto

The malicious proposal shows how token-weighted votes can become a treasury access path when DAO review controls are too thin. The post BonkDAO’s estimated $20M drain exposes how memecoin treasuries can be raided by a simple vote appeared first on CryptoSlate.

The developers behind the memecoin project said they had informed law enforcement after the attack and were working to “recover funds and identify those responsible.” The decentralized autonomous organization (DAO) behind the Bonk (BONK) memecoin reported that an unknown entity had removed $20 million worth of the tokens in what it described as an attack using a “malicious governance proposal.” In a Monday X post, the Bonk project said that it had informed law enforcement after the $20 million attack and was working to “recover funds and identify those responsible.” According to BonkDAO, the parties had drained $20 million in tokens from the project’s treasury on the Solana blockchain. One of the dog-themed memecoins, along with tokens like Dogecoin (DOGE) and Shiba Inu (SHIB), BONK launched in December 2022, with its developers airdropping half of the token’s total supply. The price of BONK dropped about 7% over 24 hours amid reports of the attack, to about $0.05. Read more