BonkDAO has confirmed a significant security breach. Attackers exploited a malicious governance proposal to drain approximately $20 million worth of BONK tokens from the project's treasury on the Solana blockchain.
According to the decentralized autonomous organization, the proposal allowed an unauthorized withdrawal of funds without community consent. Technical details of how treasury protections failed remain undisclosed.
BonkDAO reported the incident to authorities and is collaborating with cryptocurrency exchanges, blockchain bridges, and the Solana Foundation to trace the stolen assets. Investigators have identified exchange wallets used to purchase BONK prior to the attack, which may assist the ongoing probe.
The incident has renewed concerns about governance risks in decentralized protocols, where concentrated voting power can be exploited. BONK's price fell approximately 8.5% in the 24 hours following the breach.
This attack highlights persistent security challenges in the DeFi sector. BonkDAO states it is conducting a forensic analysis with cybersecurity experts and will release more information upon its completion. Efforts to recover the stolen tokens are ongoing.