BONK was hit by a governance attack that saw about $20 million in treasury assets transferred out in a seemingly legitimate manner, triggering a serious crisis of confidence. The attacker manipulated proposals by exploiting the project's low-threshold voting mechanism, cashing out around $13.58 million. Fund recovery is proving difficult. South Korean exchange Upbit announced it would terminate trading support for BONK, citing unresolved security incidents and insufficient information disclosure. The episode highlights flaws in DAO governance mechanisms.
BONK has suffered a governance attack that saw approximately $20 million in treasury assets transferred out in a seemingly legitimate manner, triggering a serious crisis of confidence. The attacker manipulated proposals through the low-threshold voting mechanism and cashed out around $13.58 million. Funds are difficult to recover.
South Korean exchange Upbit has announced it will terminate trading support for BONK, citing unresolved security incidents and insufficient information disclosure. The event highlights deficiencies in DAO governance mechanisms.
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