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BONK faces $20 million treasury drain after malicious proposal approval · Cyprus Report

Business · World

BONK faces $20 million treasury drain after malicious proposal approval

1 sourceFirst reported 15 days agoUpdated 15 days ago

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BONK is facing a potential $20 million depletion in its treasury following a malicious governance proposal.
An attacker acquired sufficient memecoin tokens to approve a proposal that redirected the group's funds to a wallet they controlled.
After executing the proposal, the attacker began selling the acquired tokens, which amounted to $4 million.
The incident raises concerns about security within the governance model of memecoins like BONK.

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All coverage (1)

BONK faces $20 million treasury drain after attacker spends $4 million to pass malicious proposalCoinDesk · 15 days ago

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AI summary: catch up in 20 seconds

BONK is facing a potential $20 million depletion in its treasury following a malicious governance proposal.
An attacker acquired sufficient memecoin tokens to approve a proposal that redirected the group's funds to a wallet they controlled.
After executing the proposal, the attacker began selling the acquired tokens, which amounted to $4 million.
The incident raises concerns about security within the governance model of memecoins like BONK.

Generated by AI from the 1 sources below · always verify with the originals