#malicious governance vote

The post BONK Treasury Loses $20M to Malicious Governance Vote appeared on BitcoinEthereumNews.com. BONK News South Korea’s three largest digital-asset exchanges — Upbit, Bithumb and Coinone — placed BONK, the Solana-based meme coin, under a formal trading-caution designation on July 7. The exchanges’ official announcements state the flag took effect at 4:00 p.m. local time and runs through the first week of August, citing an unresolved security incident and the inadequate disclosure of material information. The coordinated action followed the draining of roughly 20 million dollars in BONK from the project’s decentralized treasury. Under the designation, each platform will conduct an additional review that could end in reinstatement or a full delisting, leaving holders facing weeks of uncertainty around the token’s exchange standing. On-chain data shows the exploit was executed entirely through legitimate transactions. An anonymous actor spent roughly 4.4 million dollars accumulating B