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BONK faces $20 million treasury drain after attacker spends $4 million to pass malicious proposal
Onchain governance was heralded a few years ago as the future of how communities run themselves. But a multimillion-dollar attack on the memecoin BONK shows the cost of putting a treasury at the mercy of a public vote anyone can buy their way into. BONK DAO was drained of $20 million late Monday, the culmination of a week-long scheme in which an opportunistic attacker spent about $4.4 million buying up the project's bonk tokens to force through a vote. Every step was a legitimate transaction — such as the buying, the vote, the payout — and together they carried out a theft. BONK is a Solana-based memecoin, and ... (full story)
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