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Following
BONK BONK DAO attackers transferred another US$1.19 million to Coinbase, and the currency price dropped by 7%
According to blockchain monitoring service EmberCN, the wallet address that previously carried out the US$21.2 million BONK DAO governance attack deposited another 400 billion BONK tokens, worth approximately US$1.19 million, into the cryptocurrency exchange Coinbase. The deposit triggered a further 7% drop in BONK prices, adding to the burden for token holders who had already suffered losses due to the attack.
BONK DAO attacks continue to ferment
This attack occurred at the end of July 2024. The attacker used a loophole in the BONK DAO governance mechanism to steal 5.4 trillion BONK tokens from the DAO vault, valued at US$21.2 million at the time. Since then, attackers have continued to transfer stolen tokens in batches to centralized exchanges, with the intention of cashing out without causing excessive slippage. This latest deposit has brought the total number of BONK transferred to Coinbase to more than 1.2 trillion.
According to CoinMarketCap data, BONK's current trading price is US$0.0000293, down 8.74% in 24 hours. Since the attack was disclosed, the token has fallen by more than 30%, severely undermining investors 'confidence in the security of the project.
Korea Exchange suspends BONK services
To add insult to injury, South Korea's major cryptocurrency exchanges Upbit and Bithumb have suspended BONK's deposit and withdrawal business since July 7. The suspension resulted in price differences, with BONK trading at prices lower than global markets on these platforms. South Korean regulators have not made a public statement on this, but local exchanges typically require additional security reviews after major incidents.
Impact on BONK holders
The selling pressure caused by attackers 'continued deposit of tokens, coupled with reduced liquidity caused by the suspension of services on the Korean Exchange, has put BONK holders in a critical situation. Although there are arbitrage opportunities for price differences between South Korea and global exchanges, the risk that attackers may continue to deposit tokens discourages buyers. BONK DAO has not announced any compensation plan for affected token holders, and the identity of the attacker remains unknown.
Conclusion
The BONK DAO attack continues to affect the market, and attackers are systematically transferring stolen funds to exchanges. Proactive selling and suspension of regional exchanges have sent BONK prices to multi-month lows. Investors should pay attention to on-chain activities, pay attention to subsequent deposit movements, and wait for updates on BONK DAO's security enhancements or loss recovery.
Frequently Asked Questions
Q1: How many BONK has the attacker transferred to the exchange so far? Attackers have transferred more than 1.2 trillion BONK tokens to Coinbase through multiple transactions since the attack. The total value of the stolen tokens at the time of the crime was US$21.2 million.
Q2: Why did Upbit and Bithumb suspend BONK charging and withdrawal business? South Korean exchanges Upbit and Bithumb suspended BONK services on July 7, most likely as a precautionary measure in response to the DAO attack aimed at protecting users and conducting additional security reviews.
Q3: Are BONK holders able to recover their losses? As of now, BONK DAO has not announced a compensation or recovery plan. The attacker is unknown and the stolen funds are continuing to be transferred to the exchange. Token holders should be cautious and pay attention to official DAO announcements for the latest information.
