BONK Price Falls After BonkDAO Treasury Loses $20 Million in Governance Attack
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BonkDAO suffered a governance attack where a single wallet gained enough voting power to approve a $20 million treasury transfer, causing the loss of 4.42 trillion BONK tokens and about a 10% price drop to roughly $0.00000426. Analysts say the attacker used purchased and borrowed BONK to accumulate votes, underscoring security risks in token-based voting, governance fragility, and broader DeFi/crypto treasury vulnerabilities.
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- A single wallet gained enough voting power to approve a $20 million BONK treasury transfer.
- BonkDAO confirmed the governance proposal resulted in the loss of 4.42 trillion BONK tokens.
- BONK price declined 10% after the treasury incident and traded near $0.000004260..
BONK faced selling pressure after BonkDAO confirmed that a wallet used its governance system to transfer approximately $20 million worth of treasury tokens. The incident involved a malicious proposal that received enough votes to execute the transfer without intervention from the wider community.
Notably, blockchain analysts found that the wallet accumulated voting power before the proposal passed, using purchased BONK tokens and borrowed funds to influence the governance outcome. The event shifted attention toward the risks associated with token-based voting systems.
Wallet Gains Control of BonkDAO…
Read The Full Article BONK Price Falls After BonkDAO Treasury Loses $20 Million in Governance Attack On Coin Edition.
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