Bought the votes, fair and square
CoinDesk reports that BonkDAO's treasury lost about $20 million worth of $BONK after a proposal titled BIP #76 – Sowellian BonkDAO was approved. The proposal, submitted on June 30, spoke of installing a new council, monetising holdings and stopping the bleeding. It passed with 99.9% in favour, because almost nobody else voted.
The mechanics are brutally simple. By buying just over 1% of BONK supply for roughly $4 million, the attacker cleared the quorum threshold and became, in effect, the only voter that mattered. The Defiant describes the result as a treasury drained through legitimate on-chain process rather than a breach.
- Quorum set low enough that 1% of supply decided everything
- Turnout so thin a single wallet carried a 99.9% 'yes'
- Treasury execution wired directly to proposal outcomes
- Seven days between proposal submission and money gone
Stolen funds were tracked moving toward exchanges. Upbit suspended $BONK deposits and withdrawals in response. Reporting on the day put BONK down around 10% on the news.
What it means for degens
BONK is the most institutionalised memecoin on Solana, with hundreds of integrations and a launchpad of its own. That is precisely why this stings: the token that grew up got hit by the most boring possible failure, an unaudited social layer sitting on top of audited code. Before trusting any memecoin DAO treasury, check quorum thresholds, timelocks and who actually shows up to vote. Those three numbers are worth more than the whitepaper.
BONK faces $20M treasury drain after attacker spends $4M to pass malicious proposalCoinDesk, July 7, 2026www.coindesk.com BonkDAO Treasury Drained of $20M via Malicious ProposalThe Defiant on the mechanics of the votethedefiant.io