A hacker drained approximately $20 million worth of BONK tokens from the treasury of the Bonk Inu memecoin decentralized organization, BonkDAO. The official Bonk Inu team confirmed on Monday through their X account that an attacker managed to push through a malicious governance proposal to divert funds from the protocol.
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 to purchase BONK ahead of the proposal. BonkDAO is…
— BONK!!! (@bonk_inu) July 6, 2026
This security incident immediately impacted the market, causing a drop of over 9% in the cryptocurrency’s price due to the movement of the stolen funds toward different exchange platforms. In response to the risk of mass liquidation, the South Korean exchange Upbit reacted quickly by temporarily suspending all BONK deposits and withdrawals.
The BonkDAO team has already notified relevant law enforcement authorities of the case and is actively working with key players in the crypto ecosystem to track the assets, identify those responsible, and implement new governance measures to mitigate future risks.
Source: https://x.com/bonk_inu/status/2074191403781906800
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