- BonkDAO suffered a $20 million treasury exploit.
- A malicious governance proposal enabled the attack.
- Stolen funds were moved toward exchanges.
- Upbit suspended BONK deposits and withdrawals.
BonkDAO has suffered a major security breach after attackers allegedly used a malicious governance proposal to drain approximately $20 million worth of BONK tokens from the project's treasury.
According to the Bonk team, the attacker successfully pushed through a fraudulent proposal that granted access to treasury funds. The stolen tokens were quickly moved toward crypto exchanges, contributing to a sharp decline in BONK's price.
In response, South Korean exchange Upbit temporarily suspended BONK deposits and withdrawals while the incident is investigated.
BonkDAO said law enforcement has been notified and that it is working with partners across the industry to track the stolen funds and identify those responsible.
The attack highlights the growing risks surrounding onchain governance systems, where compromised proposals can have significant financial consequences.
