BonkDAO was subjected to a governance attack, worth about $20 million BONK was transferred out of the DAO vault. The projecter indicated that the attackers had first purchased about $4 million in BONK on a number of exchanges, thereby obtaining sufficient voting rights, and then individually adopted a malicious proposal to transfer 4,426 million BONK to the wallets they controlled.

The attackers buy the money before they start the proposal.

According to BonkDAO, the attack was not a direct invasion through a contractual loophole, but rather was designed to take advantage of the authority of the denominated currency-weighted governance. The attackers gained a majority vote advantage after buying BONK in a short period of time and promoted the implementation of malicious proposals.

Following the adoption of the proposal, the relevant assets were transferred out of the country expeditiously. The chain browser solscan.io shows that some of the coins then began to move in the direction of the exchange, and the market was concerned that the pressure would rise. The attackers also changed the name of DAO to “Sowellian BonkDOO”.

The vault lacks multiple protection.

The incident revealed a lack of protection at the level of governance implementation. Reports indicate that the Treasury does not have multiple wallets and that there is a lack of implementation delay mechanism.

  • Delays in implementation may allow time for observation after adoption of the proposal
  • Multiple signature coverage mechanisms can suspend extraordinary execution in emergency situations
  • Communities and developers can use this to detect suspicious operations earlier.

Where mechanisms exist, unusual proposals usually have more room for interception before formal implementation. The key to the success of the attack is that the transfer of assets can almost be completed directly after the attackers have obtained the right to vote.

BONK is under pressure. Project is tracking funds.

As a result of the incident, BONK has fallen 7.25 per cent over the past 24 hours, reporting 0.0544 dollars. Just two days ago, BONK also saw a single-day rise of about 14 per cent when the market as a whole was weak, which was one of the meme currencies of interest at the time.

BonkDAO indicated that it was working with the Trans-Cyber Bridge, the Exchange, the Solana Foundation and law enforcement agencies to track financial flows and try to freeze or recover related assets.

Additional information:Just hours before the incident, Block Chain Security Blockaid also disclosed that the DeFi Proceeds Agreement Summer.fi was under an ongoing attack involving approximately $6 million.