Low Voting Threshold Enabled a Treasury Drain
According to Odaily, on-chain analyst Ember revealed details of a BONK governance incident in which a single address allegedly used a relatively small capital outlay to capture a much larger treasury balance. The address submitted a proposal on June 30 through the governance platform, seeking to transfer 4.426 trillion BONK from the bonk_inu treasury to the wallet 9bxW...JHvQ under its control. Based on the reported valuation, the tokens were worth around $21.2 million at the time.
The key issue was the proposal threshold. Ember said the proposal only required affirmative votes representing 1% of the token supply, equal to 879.95 billion BONK, in order to pass. That low bar meant an external actor could potentially accumulate enough voting power in a short period and push through a treasury transfer without needing broad community backing.
Funds Were Withdrawn From Binance and Bybit to Secure the Vote
Ember’s monitoring shows that over the previous two days, the same address withdrew a total of 882.285 billion BONK from Binance and Bybit onto the blockchain, with a reported market value of roughly $4.4 million. After moving the tokens on-chain, the address voted in favor of its own proposal, giving it enough support to satisfy the passing requirement.
Once the proposal reached the threshold yesterday afternoon, it was automatically executed by the governance system. As a result, the entire 4.426 trillion BONK held in the bonk_inu treasury was transferred to 9bxW...JHvQ. In practical terms, the attacker appears to have used about $4.4 million in token buying power to unlock control over treasury assets valued at about $21.2 million.
Part of the BONK Has Already Been Moved Again
After the transfer was completed, the address began redistributing the tokens. Ember said 40 billion BONK, worth about $190,000, was sent to OKX. Another 4.386 trillion BONK, valued at approximately $18.64 million, was transferred to the address EXaJ...eh42.
The subsequent movement suggests the funds are no longer sitting idle in the initial receiving wallet. While the report does not state whether any recovery or emergency response has been initiated, the incident is likely to intensify scrutiny around BONK governance parameters, especially proposal thresholds, execution design, and treasury protection mechanisms.