BonkDAO reveals $20M treasury raid after malicious governance attack

DOJ reviews legal authority for the US Strategic Bitcoin Reserve with federal agencies. Treasury and Commerce continue discussions over oversight of national Bitcoin holdings. Congress considers BITCOIN and ARMA Acts to establish the reserve through legislation. The U.S. Department of Justice is working with the Treasury and Commerce departments to establish a Strategic Bitcoin Reserve […] The post DOJ Advances US Strategic Bitcoin Reserve With Treasury, Commerce appeared first on Live Bitcoin News.

The post U.S. Bitcoin Reserve Stalls As Treasury And Commerce Vie For Control: Report appeared on BitcoinEthereumNews.com. Sixteen months after President Donald Trump ordered his administration to build a federal bitcoin reserve, the White House says it is still working out how the fund should be structured, and a dispute between two departments has slowed the effort, according to recent reporting from Bloomberg. Trump signed an executive order in March 2025 to create what he called a Strategic Bitcoin Reserve, along with a separate U.S. Digital Asset Stockpile for other cryptocurrencies.  The order directed the Treasury and Commerce departments to develop budget-neutral methods for acquiring bitcoin, ones that would not draw on taxpayer money.  The reserve was to be funded in large part with bitcoin the government already holds through criminal and civil forfeitures. Strategic Bitcoin Reserve obstacles According to Bloomberg, the plan has run into two obstacles. Treasury and Commerce

The post What is a governance attack? How BonkDAO lost $20M in a single vote appeared on BitcoinEthereumNews.com. On July 6, 2026, someone spent about four million dollars buying BONK, used it to control almost a hundred percent of a seven-wallet vote, and legally walked off with twenty million from the DAO’s treasury. No code was hacked. The voting worked exactly as designed. Here is how governance attacks work, why they are getting more common, and what actually stops them. Summary BonkDAO lost about $20 million after an attacker bought enough BONK tokens to dominate a governance vote without exploiting any code. Governance attacks allow attackers to use legitimate voting systems to approve malicious proposals when token ownership is concentrated and voter participation is low. Timelocks, quorum requirements, and emergency controls remain the main safeguards against governance attacks by making treasury takeovers harder to execute. Most crypto thefts break something: a smart-contract

On July 6, 2026, someone spent about four million dollars buying BONK, used it to control almost a hundred percent of a seven-wallet vote, and legally walked off with twenty million from the DAO’s treasury. No code was hacked. The…

The post BonkDAO Hit by $20M Treasury Hack After Malicious Governance Proposal Rocks BONK Holders appeared on BitcoinEthereumNews.com. Key Takeaways: The malicious governance proposal resulted in BonkDAO’s treasury losing an estimated $20 million in BONK tokens. The DAO has identified wallets associated with the attack and is engaged with exchanges, Solana Foundation and law enforcement. The incident underscores escalating governance challenges within decentralized crypto actors. BonkDAO, the DeFi initiative behind the BONK memecoin, has announced a large-scale security flaw which led to the loss of about $20M of its tokens. The attack was conducted via a malicious governance proposal, creating new worries about governance security members of decentralized ecosystems. BonkDAO was the target of a malicious governance proposal resulting in an estimated $20M worth of BONK tokens being drained from the BonkDAO treasury. During the investigation, BonkDAO identified the exchange wallets used

The post BonkDAO Reports $20 Million BONK Treasury Breach Following Governance Attack appeared on BitcoinEthereumNews.com. BonkDAO suffered losses of around $20 million in BONK following exploitation of a malicious governance proposal affecting its treasury. The company informed the authorities and cooperated with exchanges and blockchain companies in searching for and recovering the funds. BonkDAO revealed that attackers managed to steal roughly $20 million in BONK through exploitation of the malicious governance proposal. This event happened at the project’s treasury on the Solana blockchain. According to BonkDAO, the malicious proposal allowed some entity to withdraw funds from the treasury without the consent of the whole community. The technical details of the theft and how the treasury protection mechanisms failed are not provided by the organization. BonkDAO was the target of a malicious governance proposal resulting in an estimated $20M worth of BONK tokens being drained from t

BONK DAO loses 4.426T BONK worth $21.2M after a token-weighted vote passed using 882.285B BONK quorum power. BONK DAO is facing review after a governance vote reportedly drained about $21.2 million from its treasury.  The case involves a proposal that moved 4.426 trillion BONK to a wallet controlled by the attacker. The attacker reportedly spent […] The post BONK DAO’s $20M “Legal” Heist: When Perfect Code Meets Prison in Crypto appeared first on Live Bitcoin News.

Trump’s Bitcoin reserve plan faces legal review as officials assess Treasury, Commerce and DOJ roles for holding government BTC. The Trump administration’s Strategic Bitcoin Reserve plan is facing legal review over who can hold government BTC.  Bloomberg reported that officials are questioning whether the Treasury has clear authority to manage the reserve. The plan was […] The post Trump Bitcoin Reserve Plan Faces Legal Test Over Who Can Hold Government BTC appeared first on Live Bitcoin News.