BonkDAO got hit hard. A malicious governance proposal drained about $20 million from the DAO’s treasury, and the funds are already moving through crypto exchanges.
South Korea’s Upbit caught on fast. The exchange suspended BONK deposits and withdrawals as soon as it spotted suspicious activity. Other exchanges are presumably tracking the funds too.
The attack vector is particularly ugly because it came through the DAO’s own governance mechanism. Someone submitted a proposal that looked legitimate enough to pass, but it contained hidden logic that redirected treasury funds. By the time anyone noticed, the money was gone.
Governance attacks aren’t new in DeFi, but they keep working. DAOs with large treasuries and low voter participation are sitting targets. A single well-crafted proposal can bypass all the security measures if the community isn’t paying close enough attention.
BonkDAO hasn’t released a full post-mortem yet, but the team is working with exchanges and law enforcement to track the stolen assets. The $20 million loss is a hard lesson — and a warning for every other DAO with significant funds sitting in governance-controlled wallets.
