Bonk DAO Treasury Moves $21M to Binance After $20M Governance Exploit

On July 8, the Bonk DAO treasury executed a governance‑approved transfer of roughly $21.2 million in assets, routing 1.186 trillion BONK tokens to the Binance exchange. The move was carried out from the treasury address via an on‑chain vote, though the proposal’s specific purpose was not disclosed.

Earlier that week, a separate governance exploit siphoned about $20 million in BONK from the same treasury, triggering a 17.8% price decline over seven days. The exploit involved an attacker buying enough voting power to pass a malicious proposal during low participation. The price fell to near $0.0000036, far below its recent highs, while market sentiment in the broader crypto sector weakened.

Both events highlight the risks inherent in community‑controlled treasury mechanisms within meme‑token ecosystems on Solana.