Following the governance attack on BonkDAO's vault, Solana's ecosystem token BONK came under renewed pressure. According to on-chain data cited in the article, the attackers purchased enough voting rights to push a proposal through, then transferred a large amount of BONK from the vault to a controlling address. After the incident, BONK fell by more than 8%, and market sentiment clearly weakened.
Attackers bought voting rights and passed the proposal.
The report indicates that the attackers submitted a governance proposal on June 30th, requesting that funds from the vault be transferred to wallets under their control. Over the next two days, they purchased approximately 882.285 billion BONK tokens through Bybit and Binance, worth about $4.4 million according to the article.
This holding exceeded the DAO's voting threshold of approximately 879.95 billion BONK, enabling it to push the proposal through on its own. After the proposal was approved, the governance system automatically executed the transfer, resulting in the transfer of 4.426 trillion BONK, valued at approximately $21.2 million according to the article.
Some tokens have been transferred to OKX
On-chain tracking data shows that the attackers have transferred 40 billion BONK tokens to OKX, worth approximately $188,000 according to the article. The remaining approximately 4.386 trillion BONK tokens are still stored in another address, worth approximately $19.3 million according to the article.
The article states that, after deducting the cost of purchasing voting tokens in advance, the attackers' paper profit from this operation was approximately $16.8 million. The incident also once again exposes the governance risks of DAOs when voting participation is low, making treasury assets potentially easier targets for attacks.
Derivatives holdings continued to increase
Despite weakening spot prices, the BONK derivatives market has not cooled significantly. The article states that open interest has rebounded to above $2.1 million, indicating that new positions are entering the market, rather than simply existing positions being closed out.
Meanwhile, funding rates turned negative, indicating bearish sentiment among leveraged traders and a strengthening of short-selling pressure. The article also noted that the recent BONK rebound was capped in the $0.0000050 to $0.0000051 range, and prices subsequently fell back.
In the short term, the $0.0000040 to $0.0000041 area remains the main support zone. If this range is breached, the market may further factor in the impact of the recent gold vault incident.
