BonkDAO hacked for $20M via malicious vote after attacker spent $4M to seize control

On July 6, 2026, an attacker spent about $4 million in BONK tokens to gain majority voting power in BonkDAO and passed a malicious proposal to steal $20 million from its treasury. This exploit highlights a key weakness in token-weighted governance systems where the largest token holder controls decisions. BonkDAO lacked safeguards like timelocks or multisig controls, allowing the attacker to drain funds quickly. The DAO is now working with law enforcement and exchanges to trace the stolen tokens, while BONK’s price dropped about 10%. This incident underscores the ongoing risks in decentralized governance without stronger protections.