Solana Meme Coin BONK Treasury Drained of $20M

The Solana ecosystem was rocked by a security incident involving the meme coin BONK, which saw its treasury drained of $20 million. According to reports, an attacker spent around $4 million buying BONK tokens on exchanges and used those tokens to build up voting power on Solana's Realms governance platform.

The proposal in question sat live for six days, during which time only seven wallets voted on it. The attacker's wallets controlled almost all of that voting weight, close to 99.9%. With so few people watching, the proposal passed and authorized moving about 4.4 trillion BONK tokens out of the DAO treasury.

BonkDAO said no smart contract bug was involved in the incident, but rather a governance takeover by the attacker. The project has already traced exchange wallets tied to the attacker and is working with exchanges, bridges, the Solana Foundation, and law enforcement to recover funds.