Bonk (BONK)

BONK DAO lost $20 MILLION without being hacked.

Here's what happened:

- An attacker bought ~$4M of BONK tokens.

- They created a fake governance proposal to send 4.4 trillion BONK ($20M) to their own wallet.

- The proposal went unnoticed for 7 days.

- At the last minute, they used their voting power to approve it.
The DAO automatically sent the tokens.

- The attacker sold them, turning $4M into $20M.

This wasn't a smart contract hack, the attacker simply bought enough voting power to approve a malicious proposal.

BONK DAO says it has notified law enforcement and is working to recover the funds.

So $BONK DAO contacted law enforcement because someone bought $4.4M of their token and voted to give themselves $21.2M?

I’m sorry but that’s a DAO working exactly as intended. Same thing happened to Nouns DAO recently when a group bought enough NFTs to control the entire DAO.

Easily one of web3’s finest (dumbest) inventions.

🚨 THE $21M $BONK HACK, EXPLAINED

This wasn't a smart contract exploit.

It wasn't a private key compromise.

It was a governance attack. 🤯

Here's how it happened:

• The attacker quietly submitted a proposal to transfer 4.426T BONK ($21.2M) from the treasury to a wallet he controlled.

• The proposal remained live for 7 days, attracting little attention.

• During that time, the attacker accumulated 882B BONK worth roughly $4.4M, just enough to cross the voting quorum.

• Near the voting deadline, he cast a single "YES" vote using all his tokens.

• The proposal passed.

• The treasury automatically transferred $21.2M worth of BONK to the attacker's wallet.

The result?

A $4.4M investment turned into $21.2M, generating nearly $17M in profit without exploiting the code itself.

Part of the funds has already been moved to exchanges, while the remaining tokens are still sitting in the attacker's wallet.

The BONK team says it's now working with law enforcement to recover the stolen funds.