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BONK 
SOL BONK plunged nearly 40% due to malicious governance attacks
The price of BONK has fallen nearly 40% since a malicious governance proposal stole approximately $20 million from BonkDAO vaults on July 6. The Solana-based Memecoin was trading above $0.000045 at the time of the attack, but had dropped to about $0.000028 by Sunday. During this period, its market value fell by approximately US$180 million, and the token underperformed Solana and the entire crypto market.
Governance attack results in transfer of treasury funds
The sell-off originated from a governance attack in which the attacker transferred 4.426 trillion BONK pieces from the BonkDAO treasury. Attackers took advantage of the DAO's low-participation governance process to accumulate enough voting power to pass the proposal, allowing vault transfers to be automated. BonkDAO said the BONK token contract and user wallets were not damaged and the attack was limited to assets controlled by the DAO vault.
Attack-related addresses continue to shift, increasing selling pressure
Attack-related wallets continue to shift BONK to centralized exchanges, increasing the supply traders need to absorb in an already weak market. Lookonchain tracked a recent transfer involving 800 billion BONK (valued at approximately US$2.5 million at the time) that had previously been deposited into Binance, Coinbase and OKX. After the latest transfer, the wallet still holds approximately 2.4 trillion BONK.
Exchange deposits do not mean that all tokens have been sold, but it makes selling possible and puts remaining positions under pressure on the market. Attackers have previously transferred more than 1.6 trillion BONK pieces to centralized platforms. Each transfer is closely watched by traders because even a partial sale represents considerable supply pressure relative to BONK's daily spot trading volume.
BonkDAO is working with exchanges, Cross-Chain Bridge, the Solana Foundation and law enforcement to track funds and prevent further liquidations.
Prices fall short of key July support
BONK initially gained support around $0.000040 after the attack, but prices fell below that level as exchanges continued to shift. Subsequently, the token fell below support near $0.000034 and fell to the range of $0.000027 to $0.000028, which is now the closest line of defense for buyers trying to slow down the decline.
To rebound, BONK needs to first recover US$0.000030 and then test the original support band between US$0.000034 and 0.0000035. If the current range cannot be held, the token will face the risk of further setting a new low after the attack.
Governance incident triggers review of Solana DAO infrastructure
This governance incident also attracted attention to Solana DAO infrastructure. Independent wallet analysis has linked attacker's associated addresses to relevant risk exposures by Realms founders, but has not yet determined the relationship between these associations and responsibility for the attack.
