{"id":918044,"date":"2026-07-07T11:14:30","date_gmt":"2026-07-07T16:14:30","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2026\/07\/07\/attacker-drains-20m-from-bonkdao-treasury-through-token-weighted-exploit\/"},"modified":"2026-07-07T11:14:30","modified_gmt":"2026-07-07T16:14:30","slug":"attacker-drains-20m-from-bonkdao-treasury-through-token-weighted-exploit","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2026\/07\/07\/attacker-drains-20m-from-bonkdao-treasury-through-token-weighted-exploit\/","title":{"rendered":"Attacker Drains $20M From BonkDAO Treasury Through Token-Weighted Exploit"},"content":{"rendered":"
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\"BONK<\/figure>\n<\/div>\n
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BonkDAO (Decentralized Autonomous Organization) has reported that it was recently the victim of a $20 million drain via a decentralized governance exploit.<\/p>\n

BonkDAO suffers $20M theft<\/h2>\n

According to the organization, the attacker first purchased $4 million worth of BONK tokens from several exchanges to gain sufficient voting power. They then used this to single-handedly pass a malicious proposal, resulting in the transfer of 4.426 billion BONK tokens (about $20 million at the time) from the BonkDAO treasury to their controlled wallet. The attacker also renamed the DAO to \u201cSowellian BonkDAO\u201d.<\/p>\n

\"BonkDAO<\/figure>\n

Source: solscan.io<\/a><\/p>\n

As seen on solscan.io, the siphoner has already started moving these tokens towards exchanges. This has heightened selling pressure, with BONK dropping 7.25% over the last 24 hours to $0.0544. Just two days ago, BONK was among the trending meme coins boasting<\/a> a 14% rally in a day amid a broader market downturn.<\/p>\n

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\"Add<\/a><\/p>\n<\/div>\n

BonkDAO now says it is working wth bridges, exchanges, the Solana Foundation, and law enforcement to track the funds and eventually freeze or recover them.<\/p>\n

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https:\/\/x.com\/bonk_inu\/status\/2074191403781906800<\/p>\n<\/figure>\n

Crypto exploits in July<\/h2>\n

The brute-force capital approach was successful because the DAO lacked several safety measures. Among them are execution-time locks, which enforce a delay between the approval of an action and its actual execution, so that the community, developers, and researchers can note any oddities. Another is mandatory multisig override, which employs a highly secure multisig wallet to temporarily bypass execution time locks in the event of an emergency, such as a hack.\u00a0<\/p>\n

The latest incident follows the March hijacking of bonk.fun domain \u2013 one of Solana\u2019s meme coin launch pads. At the time, attackers swapped the \u201caccept Terms of Service\u201d prompt with a malicious script that drained all wallets connected to the site. Nonetheless, the attack was short-lived and damage minimal \u2013 attackers drained up to 50 Solana (SOL) tokens from each of the 35 affected wallets.<\/p>\n

Just hours before today\u2019s incident, blockchain security firm Blockaid flagged<\/a> an active $6 million exploit targeting the DeFi yield protocol Summer.fi.<\/p>\n<\/div>\n

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