BonkDAO lost $20 million through a governance vote exploit where a manipulator used token-weighted voting to transfer funds without hacking smart contracts. Ripple CTO Emeritus David Schwartz labeled this act as corporate fraud, explaining that DAO participants are legally fiduciaries and liable for misusing shared assets despite the decentralized setup. This case challenges the notion that "code is law" and signals increased legal scrutiny in DeFi, with authorities now involved to track and recover stolen funds.
BonkDAO suffered a $20 million loss after a malicious governance proposal passed, transferring treasury funds to an attacker-controlled wallet. The attacker spent about $4.4 million buying BONK tokens to gain enough voting power, exploiting the DAO's...
An attacker spent about $4.4 million to buy just over 1% of BONK tokens, meeting the quorum to pass a governance proposal that transferred $20 million from BONK DAO's treasury to their wallet. The proposal passed with 99.9% 'yes' votes in a low-turno...
Cryptocurrency markets experienced mixed price changes, with Bitcoin rising 1.86% to $63,791 and Ethereum increasing 1.11% to $1,792.52. Other notable movements include AAVE up 7.98% and DEXE surging 17.23%, while some coins like ADA and ZEC saw decl...
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 sy...
BonkDAO's treasury was drained of about $20 million in BONK tokens after an attacker exploited the DAO's governance system on Solana's Realms platform. The attacker accumulated enough BONK tokens through exchange wallets to pass a malicious proposal,...
