BonkDAO governance is under scrutiny as it failed to stop a malicious proposal that moved over 4 trillion BONK from the treasury.
BonkDAO, the decentralized organization behind the Solana-based BONK memecoin, said it had been the target of an ill-gotten governance attacj that led to the theft of about $20 million from the organization’s treasury.
The attacker allegedly transferred away more than 4.4 trillion BONK tokens worth about $20 million after the vote passed, Yu Xian, the co-founder of blockchain security firm SlowMist, wrote in an X post.
He pointed out that the incident wasn’t a hack at all, since the attacker just spent roughly $4 million to accumulate enough BONK to influence the vote of the “BIP # 76 – Sowellian BonkDAO,” proposal, which had been live for six days.
And it seems that no efforts were made in order to challenge it. The proposal was supported by only seven addresses that voted, where the addresses connected with the sole attacker had a 99.9% voting power.
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BonkDAO Threatens Legal Action
BonkDAO said in an X post shortly after the news broke that it had identified exchange wallets used to purchase BONK before the proposal and was working with exchanges, bridges and the Solana Foundation to manage the fallout.
The DAO also said that the law enforcement has been notified about it, and that it is working together with the concerned party for recovery of the money and the individuals who carried out the attack.
But for many, the law-enforcement angle felt like overreach since the attacker didn’t break the system so much as use BonkDAO’s own weak governance against it, turning the whole thing into a messy case of bad rules, low turnout and game-is-game logic.
In the midst of all this, BONK is trading 8.40% lower at $0.0000054, according to CoinGecko data.
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