Bonk Nosedives 8% After Attackers Rob $20 Million From Memecoin’s Treasury — BonkDAO Says it’s Working to ‘Recover Funds’

Bonk (CRYPTO: BONK) plummeted on Monday after hackers drained nearly $20 million worth of the memecoin from the project’s treasury.

‘Malicious Governance Proposal’

BonkDAO, the decentralized autonomous organization tied to the Solana (CRYPTO: SOL)-based cryptocurrency, said that it became the target of a “malicious governance proposal,” resulting in the loss of tokens.

BonkDAO added that it has traced the wallets linked to the hack and is currently coordinating with major exchanges, bridges, and the Solana Foundation to “manage the situation.”

“Law enforcement has been notified. BonkDAO continues to work with relevant parties to recover funds and identify those responsible,” it said.

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

What Really Happened?

According to blockchain analytics firm Chainalysis, the attack began on June 30 when an anonymous wallet submitted a proposal to drain BONK’s treasury.

Then, over the weekend, a separate wallet acquired $8 million worth of BONK through exchange purchases and DeFi borrowing to secure 1% of the coin’s total supply—enough to pass the proposal.

The attacker drained $20 million into an exploiter wallet. Of this amount, they transferred $188,000 to a cryptocurrency exchange, likely to cash out, while sending the remaining $19 million to a multisig wallet, where the funds remain.

BONK DAO’s $20 million loss saw the attacker put millions of dollars on the line. Our investigation maps out the financial coordination behind today’s governance attack, from the days-long BONK spree that preceded it to the liquidation rush that followed. 🧵 pic.twitter.com/yvjRxxV0zZ

— Chainalysis (@chainalysis) July 7, 2026

BONK Loses Further Ground

The massive hack added to the mounting challenges plaguing the dog-themed memecoin, which has already plunged 40% year-to-date and 80% over the last year.

It remains the third-largest meme coin in the Solana ecosystem, with a market capitalization exceeding $390 million. At its peak, it was valued at over $4 billion.

Price Action: At the time of writing, BONK was exchanging hands at $0.000004434, down 7.84% in the last 24 hours, according to data from Benzinga Pro.

Photo Courtesy: LEE WA DA on Shutterstock.com

Photo Courtesy: Akif CUBUK on Shutterstock.com