BonkDAO fell victim to a malicious governance proposal that resulted in approximately $20 million worth of BONK tokens being withdrawn from the project's treasury, marking a significant security breach for the memecoin ecosystem.
The attack was preceded by suspicious trading activity on Upbit, where deposits and withdrawals were halted at 20:25 Moscow Standard Time. Prior to the official announcement from the BonkDAO team, trading volumes on the exchange had begun declining sharply from 20:00 MST, suggesting market participants detected anomalous activity before public disclosure.
BONK's price subsequently declined following the governance attack announcement. The incident underscores ongoing vulnerabilities in decentralized autonomous organization (DAO) governance structures, where insufficient safeguards on proposal mechanisms can enable bad actors to execute treasury raids with minimal friction.