An anon wallet dropped $4.4 million on BONK tokens across two days before weaponizing the bag to force a governance vote and siphon $21.2 million straight from the BonkDAO treasury.
The move netted a cool $16.8 million profit and left the crypto scene split between screams of theft and cheers for a DAO simply doing what it was coded to do.
The vote that drained the vault 🦇
Lookonchain tracked the setup beginning June 30 when the attacker dropped a proposal to shift 4.426 trillion BONK worth roughly $21.2 million into their own wallet. Passing required backing from at least 1% of the total BONK supply sitting just under 88 trillion tokens.
From July 4 onward they scooped 882.285 billion BONK across Bybit and Binance enough to hit the quorum then cast every single token as a yes vote clearing the path for the massive transfer.
Chainalysis later confirmed the buys happened July 4 to 5 mixing exchange purchases with some DeFi borrows.
Around nine hours after securing the $21 million haul the attacker routed $188,000 to OKX and parked the rest inside a freshly minted DAO called BONK 2.0 under their full control plus two linked wallets.
BonkDAO later posted on X confirming the hit and listing the exchange wallets used while coordinating with authorities exchanges and the Solana Foundation to contain the fallout.
Governance win or straight up heist 🔪
The heist adds to a brutal year already seeing nearly $1 billion drained from DeFi. Still not everyone sees a crime Ogle from World Liberty Financial called it a legit token purchase and clean vote execution.
David Schwartz countered that treating a shared treasury like a personal piggy bank could amount to fraud especially without any legal wrapper in place.
BONK dipped around 7.4% in the following day landing near $0.00000438 though it stayed up a bit for the week.
Just another echo from the void by iconofsin.eth 💖
