BonkDAO loses $20 million following 'malicious governance proposal' attack
Quick Take
- BonkDAO was hit with a governance attack that appears to have drained approximately $20 million worth of BONK tokens, according to an official X page.
- The funds have been tracked to crypto exchanges, and South Korea-based Upbit said it has suspended BONK deposits and withdrawals.
BonkDAO appears to be the latest victim of a crypto attack, according to Bonk Inu’s official X page.
"BonkDAO was the target of a malicious governance proposal resulting in an estimated $20M worth of BONK tokens being drained from the BonkDAO treasury," the X account wrote on Monday.
According to the message, an attacker pushed through a suspicious governance proposal that allowed the treasury to be drained. The stolen BONK has started moving toward exchanges, which has put downward pressure on the BONK price.
The token is down over 9%, according to The Block’s price page.
In response to the attack, South Korean exchange Upbit posted a message alerting users that deposits and withdrawals for BONK have been "temporarily suspended."
"Law enforcement has been notified. BonkDAO continues to work with relevant parties to recover funds and identify those responsible," Bonk wrote.
BONK is a popular dog-themed memecoin launched on the Solana blockchain in December 2022, known for its massive community airdrop. It is often considered to be one of the more legitimate memecoins, and has been included in some ETFs.
This is a breaking story and may be updated as The Block learns more.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.