BonkDAO says malicious vote drained about $20M from treasury

BONK holders and DAO investors have a fresh reminder that governance can be a direct treasury risk. BonkDAO said a malicious proposal drained about $20 million in BONK from its treasury, turning a token vote into a path to funds.

According to the team behind BONK, investigators found exchange wallets that were used to buy BONK before the proposal. BonkDAO said it is now working with exchanges, bridges, the Solana Foundation, and law enforcement to handle the fallout and try to recover assets.

The episode points to a weak spot in token-governed treasuries: if a proposal can move from approval to execution with limited checks, an attacker may not need to break code. The source report said attackers gathered about $4 million in BONK before the vote. Wu Blockchain also reported that the voting was concentrated across a small number of addresses, with most of the weight tied to the attacker.

For BonkDAO, the loss could reduce funds available for grants, integrations, community programs, and other BONK-related spending. More broadly, the incident puts pressure on DAOs with liquid treasuries to rely more on timelocks, higher quorum thresholds, review windows, and limits on how much a single proposal can move.