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BONK The attackers spent $4.4 million to legally gain the right to vote, draining BONK\'s treasury worth $20 million.
Only seven wallets approved the proposal, while thousands of BONK holders never voted. The attack exposed major governance flaws in decentralized autonomous organizations.
A single governance vote completely changed the fate of BONK DAO. An anonymous trader spent about $4.4 million and subsequently took control of a treasury worth $20 million. There are no software vulnerabilities, no smart contract failures. Every step of the operation is carried out completely in accordance with the protocol design. This bizarre reality has raised new concerns in the cryptocurrency space. Many now question whether decentralized governance can actually protect community funds from determined and well-funded participants.
Governance vote opens the door
The attack began on June 30. An anonymous wallet submitted a governance proposal to BONK DAO. A key directive is hidden in the proposal: the treasury will transfer 4.43 trillion BONK tokens to a wallet controlled by the proposer. Approval requires a yes vote equivalent to 1% of BONK\'s total supply. Between July 4 and 5, attackers quietly accumulated that number. The funds came from purchases by Binance and Bybit, and additional funds were borrowed through the DeFi lending platform. The acquisition cost approximately $4.4 million. This investment ensures enough voting rights to determine the outcome of the proposal. Only seven wallets voted in favor. More than 18000 community members never participated. The turnout rate was only 2.9%. The proposal was passed with a narrow margin of just over the quorum. In fact, one participant approved a proposal that benefited the same wallet.
The proposal carries an optimistic message. The text promises to rebuild BONK DAO and improve treasury management. However, deep in this message, there are transfer instructions hidden. After the vote is over, the smart contract automatically executes the transaction. BONK, worth approximately $20 million, immediately left the treasury. Blockchain records publicly show every step. There are no links that bypass the rules of the agreement.
Consequences raise greater questions
About nine hours after the transfer occurred, approximately $188,000 flowed into an exchange, likely to be cashed out. According to Chainalysis, the remaining $19 million was transferred to a multi-signature wallet. Such wallets require multiple approvals before subsequent transfers can be made. About an hour after the treasury transfer, the attackers began selling BONK purchased to gain voting rights. Tokens worth approximately $5.3 million entered the market. Treasury tokens were not mixed with these sales.
BONK DAO subsequently confirmed the incident. Project leaders identified exchange wallets associated with pre-vote token purchases. Teams are working with exchanges, Cross-Chain Bridge and the Solana Foundation to limit further losses. Law enforcement agencies have also been notified. Investigators are still working to recover assets and identify those who planned the operation.
The incident caused divisions among cryptocurrency observers. Some see it as clever exploitation, others describe it as straightforward theft. The rules of the agreement allowed all behavior, but the community was expected to be severely damaged. A bigger lesson lies ahead of every DAO: Treasury security depends on governance design, not just smart contracts. Cheap voting rights can become an expensive weakness.
