BonkDAO Loses $20 Million Following Malicious Governance Proposal Attack

According to Bonk Inu's official X page, BonkDAO lost an estimated $20 million in BONK tokens on Monday following a malicious governance proposal that drained the treasury. The attacker successfully pushed through a suspicious proposal that allowed the theft to occur.

The stolen BONK has begun moving toward exchanges, putting downward pressure on the token price, which declined over 9%, according to The Block. South Korean exchange Upbit temporarily suspended BONK deposits and withdrawals in response. Bonk stated that law enforcement has been notified and the team is working to recover funds and identify those responsible.