BonkDAO reports US$20M treasury theft

• BonkDAO said attackers stole about US$20 million in BONK tokens through a malicious governance proposal.
• The project said it has contacted law enforcement and is working to recover the stolen funds.
• The incident adds to a series of security breaches affecting cryptocurrency projects and decentralised finance platforms.

Bonk (CRYPTO:BONK) developer BonkDAO said attackers removed about US$20 million of BONK tokens from its Solana-based treasury through what the project described as a malicious governance proposal.

BonkDAO said it had notified law enforcement and was working to recover the stolen funds and identify those responsible, while the attack targeted the project's treasury on the Solana (CRYPTO:SOL) blockchain.

There was no executive quote included in the source material.

Following reports of the attack, BONK fell about 7% over 24 hours, while the total market value of leading memecoins recovered to about US$25.3 billion after dropping to roughly US$22 billion last week.

The incident highlights ongoing security risks facing decentralised governance systems, and as BonkDAO is not a publicly listed company there is no share price available.

The attack follows a reported US$7.3 million exploit affecting memecoin launch platform DxSale in May, where attackers targeted liquidity providers on the BNB Chain (CRYPTO:BNB).

The report also comes as the broader memecoin sector remains under pressure, with market capitalisation down more than 54% over the past 12 months despite a partial recovery in recent weeks.

At the time of reporting, Bonk price was $0.054458.