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BONK 
ETH Summary
Binance has detected a malicious DAO proposal with less than 48 hours before its execution time.
The attack targeted treasury tokens for an undisclosed project and involved approximately $1.2 million.
Binance worked with other exchanges to freeze deposits, and the project community voted to reject the proposal.
The case is similar to a similar attack on BonkDAO in July, which caused $20 million in damage.
Binance said it spends approximately US$300 million a year on compliance and fraud prevention.
Attack details
On August 18, Binance said its security team had blocked a malicious governance proposal against a decentralized autonomous organization (DAO). The proposal could endanger approximately $1.2 million in treasury tokens. The Binance team identified the problem before external security companies discovered it. The company did not disclose the names of the tokens or projects involved. Less than 48 hours before the proposal takes effect. Once a threat was discovered, Binance contacted the project team directly. The exchange also required other platforms that launched the token to suspend deposits. The project community subsequently voted to reject the proposal. The vote prevented the attack and no funds were transferred.
How the attack works
The attacker exploited a weakness in project voting rules, namely governance mechanisms. The DAO allows token holders to vote on matters such as the use of funds or upgrade approvals. If rules allow proposals to pass with little review time, malicious actors can quickly push them through. Jimmy Su, director of Binance security, said the response showed that security efforts now transcend the exchange's own systems. He mentioned that many attacks today target people and access rights, rather than code vulnerabilities.
Past governance attacks reveal risks
In July, BonkDAO said an attacker stole approximately $20 million in BONK tokens from its treasury. The attacker amassed enough voting power to pass a harmful proposal alone. Another case involving KelpDAO was a bridging hack rather than voting. Chainalysis reported that hackers stole approximately $292 million from the KelpDAO bridge. Rapid action after the theft prevented another $95 million and froze thousands of ETH associated with the attacker. Su said the latest case began with a weakness in the way the DAO voting system was built. Early warnings have also helped outside of DAO cases. By December 2025, the FBI's "Level Up" operation had informed more than 8000 people that they may be victims of cryptocurrency fraud. Most of them didn't know they were targeted. The agency said its tips may have prevented approximately $511.5 million in losses. Binance said it spends nearly $300 million a year on compliance work. The company has approximately 1500 employees in related positions. The exchange said its inspections found $10.53 billion in fraud or unusual activity between 2025 and early 2026. As of Binance's disclosure on August 18, the exchange has not announced the names of the DAO or tokens involved in the case.
