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Following
BONK BONK DAO attackers sold the last token and completed a $21.2 million settlement of governance vulnerabilities.
According to monitoring by on-chain analyst EmberCN, the address where the BONK DAO governance vulnerability attack was implemented completed the selling of the last batch of stolen tokens about 30 minutes ago, transferring the remaining 400 billion BONK (worth approximately US$1.17 million) to Coinbase. This marks the end of a multi-day sell-off operation by the attackers-it has cleared all 4.426 trillion BONK stolen through the vulnerability.
Scale of Attack
The attacker initially exploited a vulnerability in the BONK DAO governance system to steal $21.2 million worth of BONK tokens. Over the following days, the address gradually deposited the stolen money into Coinbase and exchanged it for fiat or other assets. The transfer of the last batch of 400 billion BONK (approximately US$1.17 million) marked the complete clearance of the attackers.
EmberCN analysis pointed out that the continued selling pressure caused by this vulnerability incident directly caused the BONK market price to drop by 40%. As the value of the token shrinks, the actual realized value of the stolen money also decreases. The attacker ultimately made a profit of about $13.58 million-a figure far lower than the original total of $21.2 million due to the price drop due to his own sell-off.
Market Impact and Community Reaction
The incident raised serious questions about the security of the DAO's governance mechanisms, especially those that manage large token vaults. BONK, as a Solana-based Meme coin, received widespread attention in 2023, but this time the market continued to digest sell orders, causing its price to plummet. The 40% decline is one of the most serious price shocks triggered by a single governance loophole in recent memory.
The BONK DAO community is assessing the damage and implementing protective measures to prevent similar attacks in the future. Although the breach has come to an end, reputational damage to the project and the entire Solana ecosystem may persist-investors and developers will look more closely at governance security.
What it means for cryptocurrency investors
This incident is a stark reminder of the risks inherent in decentralized governance systems. DAO vaults often hold millions of dollars worth of liquid tokens, making them attractive targets for attackers to exploit voting mechanisms or smart contract vulnerabilities. For BONK holders, the attack translates directly into financial losses through price suppression; for the market as a whole, this highlights the need to implement robust security audits, multi-signature requirements, and time-locked extraction mechanisms to govern funds.
Conclusion
The BONK DAO governance attacker has completely withdrawn its position and sold all 4.426 trillion stolen BONK units, making a profit of approximately US$13.58 million. The incident caused BONK prices to plummet by 40%, and exposed persistent loopholes in the DAO's governance structure. As the market digested the incident, the focus turned to how project parties could better protect their coffers from similar attacks.
FAQ
Q1: How many BONKs were stolen in the governance attack? [TAG
Attackers stole 4.426 trillion BONK, originally worth $21.2 million.
Q2: Why is the attacker's final profit lower than the initial stolen money?
The attacker's own selling pressure caused the BONK price to fall by 40%, thereby reducing the real cash value of the remaining tokens. The final profit was approximately US$13.58 million.
Q3: How does DAO prevent similar attacks?
DAO should implement multi-signature wallets for treasury transactions, enforce time-lock extraction, conduct regular security audits of governance contracts, and consider using decentralized insurance protocols to compensate for potential vulnerability losses.
