In short
- BONK received a $20 million settlement related to a malicious government attack.
- The proposed solution sent 4.4 trillion BONK tokens to the address of the alleged attacker.
- The meme coin team is working with an exchange with the Solana Foundation to address this issue.
BonkDAO, an independent and sustainable organization that is connected to celebrities Bank the same corner on Solana, he was caught up in the “evils” of the administration that led to the confiscation of $20 million in his government.
The team behind meme coin and its various efforts are said to be working with exchanges, network bridges, and Solana The base while running things.
“During this investigation, BonkDAO identified the exchange wallets that were used to purchase BONK prior to the proposal,” a meme coin account listed on X.
“The order has been notified,” it said. “BonkDAO continues to work with the relevant parties to find the funds and identify those responsible.”
Called “drain,” it’s a meme coin operation, which happened around 4:00 a.m. ET on Monday, right. more than 4.4 trillion BONK tokens, worth $19.3 million at the time of writing, it was transferred from the treasury wallet to the last address “JHvQ.”
The event was highlighted as the second key recommendation in Bonk Improvement Proposal #76, a governance request submitted and approved using the BonkDAO platform.
Entitled “Sowellian BonkDAO,” the proposal sought to “establish Sowellian governance, install new members and council, rebuild from the ashes, make money, and stop the bleeding.”
It also indicated that all “yes” voters would be eligible to receive BONK tokens. But the tokens transferred to “JHvQ” – a wallet identified by Solana blockchain researcher Solscan as supported by the Bybit account – were not distributed to any other groups. In fact, they were was transferred around 3:30 pm ET to another Solana address ending in “eh42.”
As a result of the event, crypto exchanges have taken action. The South Korean exchange Upbit and the American exchange Kraken have both suspended deposits and removed the BONK token, and the original. to mention “methods to protect users following security incidents.”
BONK, once the top 100 crypto symbol and market cap, has fallen around 7% in the last 24 hours trading around $0.0000043. That price is about 93% below its high mark of $0.000058.
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