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[SITUATION] · [QUIET] · [BUSINESS]

5 clusters · 25 sources · 33 days · First seen · Last updated

BonkDAO governance exploit and Upbit delisting

Overview

In early July 2026, an anonymous actor exploited BonkDAO's governance by purchasing just over 1% of BONK on Binance and Bybit to reach the quorum needed to submit a proposal on Solana’s Realms platform. On June 30, the attacker submitted BIP-76 to transfer 4.426 trillion BONK (approximately $20 million) from the treasury to a controlled wallet. With only seven of more than 18,000 token holders voting, the proposal passed 99.9% “yes” and executed on July 6, causing a 9–12% price drop and prompting exchanges like Upbit and Kraken to suspend BONK deposits and withdrawals.

On July 8, the DAO approved a further transfer of about $21.2 million (1.186 trillion BONK) to Binance, though the purpose was undisclosed. While BONK saw a 14% rally on July 18, the price subsequently fell roughly 40% after the attacker's wallet sold an additional 800 billion BONK. Approximately 2.4 trillion BONK remained in that wallet, maintaining selling pressure. By July 21, BONK traded near $0.00000308 amid speculation of a sell-off following a 2.4 trillion BONK transfer to Coinbase.

On August 8, Upbit announced it would delist BONK trading pairs, citing security and transparency concerns related to the treasury exploit and the project's failure to provide sufficient corrective measures. All open orders on Upbit are scheduled for cancellation on September 7, with a withdrawal period lasting until October 7. Analysts suggest the token faces continued bearish trends following the delisting announcement.

Entities

Upbit · Solana · BONK · BonkDAO

Timeline

  1. 21 days ago

    [BUSINESS] 2 sources
    Upbit delists BONK memecoin following governance attack

    Solana memecoin BONK faces a major price drop and delisting from South Korean exchange Upbit following a $20 million governance attack on the BonkDAO treasury.

  2. about 1 month ago

    [BUSINESS] 2 sources
    BONK memecoin surges on bullish triangle pattern and massive Coinbase transfer

    BONK memecoin spikes amid a bullish triangle pattern, a large Coinbase transfer, and an 11% price jump, while sentiment stays negative and investors shift tokens to private wallets.

  3. about 1 month ago

    [BUSINESS] 3 sources
    Bonk token jumps 14% then slides 40% after treasury drain and extreme greed signal

    Bonk token rose 14% with an extreme‑greed score, then dropped 40% after a treasury drain and subsequent token sales, leaving the price near $0.0000027.

  4. about 1 month ago

    [BUSINESS] 2 sources
    Bonk DAO Treasury Moves $21M to Binance After $20M Governance Exploit

    Bonk DAO moved $21 M to Binance via a governance vote, after a $20 M exploit drained its treasury and caused a 17.8% price drop.

  5. about 2 months ago

    [TECHNOLOGY] 18 sources
    BonkDAO Treasury Drained of $20 Million in Governance Vote Exploit

    An attacker bought ~1% of BONK for $4.4 M, met the quorum and passed a proposal that moved about $20 M from BonkDAO’s treasury; only seven wallets voted, triggering a price drop and exchange suspensions.

Sources

ambcrypto.com · blockchainreporter.net · blocktempo.com · calaboucodamorticiablog.wordpress.com · coinacademy.fr · coincu.com · coinpedia.org · cointelegraph.com · crypto-insiders.nl · crypto-times.jp · crypto.news · cryptobreaking.com · cryptobriefing.com · cryptonewsland.com · decrypt.co · en.coinotag.com · ethnews.com · inversion.es · merca2.es · neweconomy.jp · news-krypto.de · premierfurnishings.com · techbullion.com · thecryptocurrencypost.net · tronweekly.com