BONK faces $20 million treasury drain after attacker spends $4 million to pass malicious proposal
CoinDesk·
60-second summary
BONK is facing a $20 million treasury drain after an attacker exploited its governance system by buying enough tokens to pass a malicious proposal, draining the group's holdings into a controlled wallet. The attacker spent $4 million to execute the plan, then began selling the stolen tokens, causing market instability and potential losses for BONK investors and holders.
The attacker bought enough of the memecoin's tokens to pass a governance proposal that sent the group's holdings to a wallet they controlled, then began selling.