# A $20 Million Governance Exploit Just Hit BonkDAO, and the Meme Coin Can't Stop Sliding

> A malicious governance proposal drained roughly $20 million in BONK tokens from BonkDAO's treasury, and the meme coin is now sliding for a second straight day as investor confidence takes a hit.

**Type:** article · **Category:** Crypto · **Published:** 2026-07-07 · **Source:** TrendKia
**Canonical:** https://trendkia.com/en/crypto/gavarnensa-eksaploita-se-bonk-trejari-ko-20-miliyana-ka-chuna-mima-koina-ki-giravata-thamane-ka-nama-nahin-le-rahi-5428 · **Language:** English
**Tags:** Bonk price, BonkDAO hack, crypto theft, meme coin, governance exploit, BONK token, crypto market, finance

Bonk (BONK) is having a rough start to the week. The popular Solana-based meme coin slipped below $0.0000044 on Tuesday, deepening a slide that began a day earlier when it shed more than 10% of its value in a single session. This time the trigger was not a broad market sell-off but something far more specific and damaging: a security breach at BonkDAO, the decentralized organisation behind the token, that drained roughly $20 million worth of BONK from its treasury.

The incident has knocked investor confidence, and that shaken sentiment is exactly what is feeding the ongoing price correction in the meme coin.

## What actually happened to the treasury
According to BonkDAO, the attack came through the very mechanism designed to keep the project in community hands. A malicious governance proposal was pushed through and used to pull an estimated $20 million in BONK tokens straight out of the treasury. In other words, the attackers weaponised the DAO's own voting and proposal system instead of breaking in from the outside. That is what makes the episode so serious: the weak point was the same governance layer the community is supposed to trust.

## BonkDAO's response
The project has reported the hack to law enforcement and says it is working with relevant parties to trace and recover the stolen funds and to identify whoever was behind the attack. For now the priority is tracking where the drained tokens move next, before they can be offloaded elsewhere.

## Why the price keeps falling
The security issue has weighed heavily on sentiment, with BONK correcting more than 10% after the incident and carrying that fallout into Tuesday. The bigger worry is what comes next. If the attackers move the stolen BONK tokens onto exchanges to cash them out, it would create fresh selling pressure and push the price down further. That threat is keeping traders cautious.

## Where BONK sits on the charts
The technical picture is soft as well. On Monday, BONK was rejected at the 50-day Exponential Moving Average (EMA) at $0.0000048 and fell more than 10% that day. At the time of writing on Tuesday, the decline extended and the token was trading below $0.0000045.

If the meme coin keeps correcting, the losses could stretch toward the June low of $0.0000039. Momentum indicators are sending mixed signals. On the daily chart, the Relative Strength Index (RSI) reads 45, sitting below the neutral level and pointing to bearish momentum. At the same time, the Moving Average Convergence Divergence (MACD) is still flashing a bullish crossover, hinting at improving momentum under the surface. If BONK recovers, it could push back toward the 50-day EMA at $0.0000048.

## The wider crypto market
Bonk is not alone under pressure this week. Ripple and Stellar have both lost steam. XRP is running into rejection near a key resistance level, while XLM has kept pulling back so far this week. Despite the correction, mixed on-chain and derivatives metrics suggest traders remain cautiously optimistic on these altcoins, with derivatives data pointing to a mixed outlook.

Bitcoin, by contrast, has shown some strength. It held above $63,000 at press time on Tuesday, keeping a streak of six straight days of gains alive even after Strategy sold 3,588 BTC on Monday. Broader crypto market sentiment is holding up, and DeFi tokens such as DeXe and LayerZero emerged as top gainers over the last 24 hours.

On the Ethereum (ETH) side, treasury firm BitMine Immersion Technologies scooped up 42,197 ETH last week, extending its weekly accumulation streak in the top altcoin. The purchase pushed the company's total holdings to 5.74 million ETH, worth roughly $10.27 billion at the time of writing.

## What this means for you
- **For BONK holders:** The post-hack slide means the value of your holdings can keep falling, and if the stolen tokens are dumped on exchanges the pressure could grow.
- **For crypto investors:** The episode is a reminder that DAO governance itself can be exploited, so weigh the security risk before putting money into any meme coin.

## Questions & Answers

### 1. What happened to BonkDAO?
A malicious governance proposal was used to drain roughly $20 million worth of BONK tokens from BonkDAO's treasury.

### 2. How was the attack carried out?
Instead of breaking in from the outside, the attackers used the DAO's own voting and proposal system to pull tokens straight out of the treasury.

### 3. What is BonkDAO doing about it?
The project has notified law enforcement and is working with relevant parties to recover the stolen funds and identify the attackers.

### 4. How far did BONK's price fall after the hack?
BONK corrected more than 10% after the incident and was trading below $0.0000045 on Tuesday.

### 5. How low could the price go next?
If the correction continues, the losses could stretch toward the June low of $0.0000039.

### 6. What are the technical indicators showing?
The daily RSI reads 45, pointing to bearish momentum, while the MACD is flashing a bullish crossover, so the signals are mixed.

### 7. How high could a recovery take BONK?
If BONK recovers, it could push back toward the 50-day EMA at $0.0000048.

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