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
The post BonkDAO Attacker Moves $19M Loot Into New ‘BONK 2.0’ DAO appeared on BitcoinEthereumNews.com.
The wallet behind BonkDAO’s $20 million governance attack has parked most of the stolen BONK in a multisig controlled by a newly created shadow DAO, Chainalysis said in a post on its official X account Tuesday. The wallet behind BonkDAO’s $20 million governance attack has parked most of the stolen BONK in a multisig controlled by a newly created shadow DAO, Chainalysis said in a post on its official X account Tuesday. The blockchain analytics firm calls the structure “BONK 2.0.” The multisig is governed by three parties: the malicious voter wallet, the exploiter wallet that received the drained treasury, and a third wallet with financial ties to the voter, according to Chainalysis’s thread. The Defiant previously reported the initial drain of BonkDAO’s treasury. Attack Timeline Chainalysis traced the scheme back to June 30, when an anonymous wallet first proposed draining BonkDAO’s tr
The wallet behind BonkDAO's $20 million governance attack has parked most of the stolen BONK in a multisig controlled by a newly created shadow DAO, Chainalysis said in a post on its official X account Tuesday.
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.
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
In crypto news today (July 7), Bitcoin has surged, sitting comfortably above $63,000 and up +0.7% in the past 24 hours. Liquidations have picked up, with over $532M in positions blown up since yesterday, and interestingly, the split is almost 50/50 between longs and shorts. Yesterday saw a second consecutive day of positive ETF flows..
The post Crypto News Today (July 7): BTC Heading Toward $70K? $20M BONK Hack, and Ripple Gains Full MiCA Compliance appeared first on 99Bitcoins.
