BonkDAO (Decentralized Autonomous Organization) has reported that it was recently the victim of a $20 million drain via a decentralized governance exploit.
According to the organization, the attacker first purchased $4 million worth of BONK tokens from several exchanges to gain sufficient voting power. They then used this to single-handedly pass a malicious proposal, resulting in the transfer of 4.426 billion BONK tokens (about $20 million at the time) from the BonkDAO treasury to their controlled wallet. The attacker also renamed the DAO to “Sowellian BonkDAO”.
Source: solscan.io
As seen on solscan.io, the siphoner has already started moving these tokens towards exchanges. This has heightened selling pressure, with BONK dropping 7.25% over the last 24 hours to $0.0544. Just two days ago, BONK was among the trending meme coins boasting a 14% rally in a day amid a broader market downturn.
BonkDAO now says it is working wth bridges, exchanges, the Solana Foundation, and law enforcement to track the funds and eventually freeze or recover them.
The brute-force capital approach was successful because the DAO lacked several safety measures. Among them are execution-time locks, which enforce a delay between the approval of an action and its actual execution, so that the community, developers, and researchers can note any oddities. Another is mandatory multisig override, which employs a highly secure multisig wallet to temporarily bypass execution time locks in the event of an emergency, such as a hack.
The latest incident follows the March hijacking of bonk.fun domain – one of Solana’s meme coin launch pads. At the time, attackers swapped the “accept Terms of Service” prompt with a malicious script that drained all wallets connected to the site. Nonetheless, the attack was short-lived and damage minimal – attackers drained up to 50 Solana (SOL) tokens from each of the 35 affected wallets.
Just hours before today’s incident, blockchain security firm Blockaid flagged an active $6 million exploit targeting the DeFi yield protocol Summer.fi.
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