Crypto Hacked for Over $35M as Weak Governance Rules Exposed

A string of hacks and exploits in the cryptocurrency space has resulted in over $35 million in losses, with three major protocol incidents, wallet-level vulnerabilities, and phishing attacks contributing to the damage.

The biggest loss came from BonkDAO, a community governance body behind Solana's BONK memecoin, which lost $20 million after an attacker quietly accumulated voting power and pushed through a malicious proposal. The incident was described as a 'takeover' rather than a hack due to weak governance rules and low voter turnout.

Another protocol, Summer.fi, was hit by a suspected flash loan exploit worth nearly $6 million, with the largest single victim being a wallet linked to Torben Jorgensen, co-founder of Web3 firm UDHC. The stolen funds were swiftly converted through Uniswap V3 pools.

The week closed with Hedera's biggest DeFi lender, Bonzo Lend, being hacked for $9 million, attributed to a flaw in a third-party oracle's verification process.