Solana Memecoin BONK Drained by Rogue DAO Vote

BONK, a Solana-based memecoin, has suffered a significant blow after its own DAO governance system was exploited by an attacker.

The attacker purchased enough voting power to pass a proposal that transferred approximately $20 million in BONK from the DAO treasury, leaving behind a trail of destruction and a market price plummeting over 95% since its all-time high.

BONK had built a legitimate business with revenue-generating products like BONKfun and BONKbot, but its lack of robust governance mechanisms allowed for the exploit to occur. The token's failure serves as a stark reminder that even projects with real-world utility can be vulnerable to security breaches.

The incident has led to exchange caution labels being applied to BONK by major Korean exchanges like Upbit and Bithumb, further exacerbating the damage.