BonkDAO Suffers $20 Million Loss Through Malicious Governance Proposal

Attackers drained millions in BONK tokens after exploiting a governance proposal.

Advertisement
Written by Rahul Dhingra, Edited by David Delima | Updated: 7 July 2026 18:29 IST
Highlights
  • BONK token declined after news of the treasury exploit
  • DAO says recovery efforts are underway with authorities
  • Q2 2026 recorded the highest number of crypto hacks on record

BonkDAO investigates governance exploit after multimillion-dollar treasury loss

Photo Credit: Unsplash/FlyD

Decentralised Autonomous Organisation (DAO) responsible for memecoin Bonk (BONK) revealed that an unidentified party had stolen $20 million (roughly Rs. 189.86 crore) worth of the cryptocurrency through what was claimed to be an attack on a “malicious governance proposal.” The Bonk project stated via X post that they had reported the attack to law enforcement and were in the process of “recovering funds and identifying who is behind it.” As per BonkDAO, both of the parties involved managed to drain off $20 million (roughly Rs. 189.86 crore) worth of tokens from the treasury of the project.

Law Enforcement Engaged as Treasury Exploit Triggers Token Decline

One such dog-related memecoins, alongside other memecoins such as Dogecoin (DOGE) and Shiba Inu (SHIB), was BONK, which was launched in December 2022 by its developers who airdropped 50 percent of its total supply. BONK's price fell around 7 percent in the first 24 hours amidst reports of the attack, reaching approximately $0.05 (roughly Rs. 4.74). 

BonkDAO was the target of a malicious governance proposal resulting in an estimated $20M worth of BONK tokens being drained from the BonkDAO treasury.

During the investigation, BonkDAO identified the exchange wallets used to purchase BONK ahead of the proposal. BonkDAO is…

— BONK!!! (@bonk_inu) July 6, 2026

However, according to reports, the market value of the leading memecoins like DOGE, SHIB, and Pepe (PEPE) has recently reached its lowest point in two years at around $22 billion (roughly Rs. 2,08,846 crore) before rising above $26 billion (roughly Rs. 2,46,818 crore) in July.

Advertisement

As per data from CoinMarketCap, the market cap stood at $25.3 billion (roughly Rs. 2,40,173 crore) when this report was published and has fallen by over 54 percent over the past 12 months.

In May, DxSale, the memecoin launch platform, disclosed that it lost $7.3 million (roughly Rs. 69.30 crore) worth of tokens in a hack attack on the BNB Chain. While the sleuths have been able to track the address belonging to the hacker, according to one expert, the infrastructure used in the theft makes tracking tough.

Advertisement

The second quarter of 2026 is already the most hacked quarter on record in terms of the number of attacks, with 83 hacks of crypto protocols, per analysis from market insights provider Unfolded based on data from DefiLlama. KelpDAO's $293 million (roughly Rs. 2,774 crore) hack and Drift Protocol's $280 million (roughly Rs. 2,652 crore) exploit were the largest incidents of the quarter. The numbers indicate an increase in hacking attacks, despite the overall losses not surpassing their previous all-time highs. 

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
Affiliate links may be automatically generated - see our ethics statement for details.
 

Get your daily dose of tech news, reviews, and insights, in under 80 characters on Gadgets 360 Turbo. Connect with fellow tech lovers on our Forum. Follow us on X, Facebook, WhatsApp, Threads and Google News for instant updates. Catch all the action on our YouTube channel.

Further reading: Crypto Scams, Crypto Hacks, Memecoins
Advertisement

Related Stories

Popular Mobile Brands
  1. Redmi Watch 6 Active Announced: What You Need to Know
  2. Bitcoin Breaks Above $75,000 as Short Liquidations Fuel Rally
  3. Latest GTA 6 Leak Suggests Leaker Could Have Playable Build of the Game
  4. Waiting for the iPhone 18? Apple May Not Launch It Until 2027
  5. Vivo Announces Upcoming Launch of Vivo T5 5G in India
  6. Poco M8x 5G With a 7,900mAh Battery Debuts in India at This Price
  7. Nike Pegasus Plus 2 Brings Visible Air Zoom Tech, ZoomX Foam for Everyday Runs
  8. Qualcomm's Upcoming 2nm Snapdragon Chipset Names Leaked Online
  9. Sennheiser Momentum True Wireless 5 Launched With Replaceable Batteries
  1. MANTRA Halts Network Transactions Following Unspecified Incident
  2. Samsung Galaxy S26 FE Renders Leak Again, Suggesting Three Colour Options
  3. Poco X8 Power, Poco X8 India Launch Timeline, Key Features Leaked
  4. Xbox Series X25 Limited Edition Console Will Reportedly Cost EUR 899.99, Launch on November 27
  5. Bhutan Transfers 490 Bitcoin Worth $32.7 Million to Fresh Addresses
  6. Vivo X500 Pro Series Model Allegedly Spotted in the Wild Ahead of China Launch
  7. Qualcomm’s Upcoming Flagship Snapdragon Chipset Names Tipped Ahead of Launch
  8. Lava Virat V1 Pro 5G India Launch Date Confirmed, Key Specifications Leaked
  9. Vivo T5 5G India Launch Confirmed; Flipkart Availability, 3D Curved Display Teased
  10. AI Is Key Smartphone Buying Factor for 82 Percent of Indian Consumers, Shows Amazon Survey
Download Our Apps
Available in Hindi
© Copyright Red Pixels Ventures Limited 2026. All rights reserved.