BONK Price Drops as BonkDAO Loses $20M in Treasury Attack

TLDR:

• BONK faces renewed scrutiny after BonkDAO confirmed a malicious governance proposal drained about $20 million from its treasury.
• The attacker reportedly spent about $4.4 million buying BONK tokens to gain enough voting power for the proposal.
• The vote passed through the DAO’s own governance process, meaning the attack did not rely on a smart contract exploit.
• BONK price action weakened after the drain, with the token trading below major moving averages and facing resistance near $0.00000445.

BONK faced fresh selling pressure after BonkDAO confirmed a malicious governance proposal drained about $20 million from its treasury. The incident took place on July 6, 2026, and exposed a weak point in token-weighted voting systems. BonkDAO said the attacker used a proposal to move treasury funds into a wallet they controlled. 

The move did not involve a smart contract exploit. Instead, the attacker used the DAO’s own rules to pass the vote. BONK traded near $0.00000442 after the incident, with an intraday low near $0.00000414.

BONK Treasury Drain Shows DAO Voting Risk

BonkDAO described the incident as a malicious governance proposal that drained an estimated $20 million in BONK tokens. The project said it identified exchange wallets used to buy tokens before the proposal. It also said it was working with exchanges, bridges, the Solana Foundation, and law enforcement.

The attacker reportedly built voting power over several days. Onchain reports said the wallet spent about $4.4 million buying BONK before the vote. That stake gave the attacker enough influence to push the proposal past quorum.

The proposal then transferred about 4.43 trillion BONK from the treasury. The vote passed with only a small number of active wallets involved. Most DAO members did not take part, which left the treasury exposed to a concentrated vote.

The attack stands out as it used valid transactions. The buying, voting, and treasury transfer all moved through the governance system. That makes the case different from a front-end hack or direct wallet drainer.

In March 2026, Bonk.fun faced a separate website-related incident. Attackers used a fake signing flow to target users. This time, no individual user wallets were drained. The target was the DAO treasury itself.

BONK Price Weakens as Governance Attack Hits Confidence

BONK price action weakened after news of the treasury drain spread. The token’s market value fell below the $500 million area, while trading volume rose sharply. That mix pointed to heavy speculation and fading short-term confidence.

Technical pressure also stayed visible. BONK traded below its 20-day, 50-day, and 200-day moving averages. The token faced resistance near $0.00000445, while short-term forecasts pointed to a possible range between $0.00000352 and $0.00000548.

The governance attack also revived a wider debate across DAOs. Token-weighted voting can expose treasuries when quorum levels sit too low. A wealthy attacker can buy enough influence, pass a proposal, and exit after execution.

This risk is not new, but the BonkDAO case shows how fast it can hit a major memecoin treasury. Many DAO systems focus on smart contract safety. Governance settings now need the same level of review.

Projects may respond with longer timelocks, higher quorum rules, and emergency multisig controls. Time-weighted voting could also reduce the risk of last-minute token accumulation. For BONK, the next focus is fund tracing, exchange cooperation, and whether any treasury assets can be frozen or recovered.