A malicious governance proposal drained roughly $20 million from BonkDAO’s treasury as Solana fell from $81 to around $71 in seven days. The hack hit the sector’s flagship meme coin during a broad risk sell-off, and stolen funds moving to exchanges triggered a deposit and withdrawal freeze at Upbit.
Attackers drained roughly $20 million in BONK tokens from BonkDAO’s treasury after a malicious governance proposal passed, according to the project’s own disclosure on its official X account. The theft landed in a punishing week for Solana meme coins, with the network’s token sliding from $81 to around $71 over seven days as markets sold risk on Middle East tensions and a US inflation print.
Stolen funds moved to exchanges
Stolen funds were tracked moving to exchanges, and in response Upbit suspended BONK deposits and withdrawals. That freeze restricts the flow of the stolen tokens but also underlines a risk that has nothing to do with price charts: for a meme coin with on-chain governance, the treasury itself is an attack surface.
BONK traded at $0.000004113 with a market cap of $361.7 million, down 2.5% over 24 hours and 10.8% over the week on volume of $20.8 million. The token now sits 92.9% below its late-2024 high. Even after the hack, BONK remains the most built-out meme on Solana, with over 350 integrations, fee burns through BonkBot, and the LetsBonk launchpad.
The rest of the sector bled
The drawdown spread unevenly across Solana’s main meme names. Dogwifhat (WIF) traded at $0.1726, more than twenty-five times below its all-time high above $4.80. Pudgy Penguins (PENGU) traded at $0.006180 and bled less than the sector around it, helped by NFT-brand licensing revenue outside crypto. Fartcoin (FARTCOIN) held at $0.1294 while Official Trump (TRUMP) barely moved at $1.65 as the sector fell.
One token printed green. Pump.fun (PUMP), the token of Solana’s dominant meme launchpad, rose over 14% to $0.001502. Its revenue, though, tracks meme-coin activity, which shrinks as SOL sits at $71.
Levels traders are watching
According to the report, SOL is the master switch, with $70 the round number under the current price. BONK’s recent range floor near $0.0000040 has to hold, with $0.15 the line for WIF and $0.0060 the level PENGU held this week.
Source: BlockchainReporter
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