BONK Governance Attack Address Transfers 1.186 Trillion Tokens to Binance Again
EmberCN monitoring shows that the address that previously drained the BONK treasury through a governance proposal transferred 1.186 trillion BONK (approximately $4.11 million) to Binance three hours ago.
This address spent about $4.4 million to acquire enough BONK to reach the voting threshold 10 days ago, then forcibly passed a proposal to withdraw 4.426 trillion BONK (approximately $21.2 million) from the treasury. On the day of the incident, 40 billion were transferred to OKX, with the remainder kept on-chain.
As of now, approximately 3.2 trillion tokens (about $10.98 million) remain in the treasury. The price of BONK has dropped a cumulative 28% since the incident.
Market mechanisms show that the attacker implemented a governance hijack by acquiring voting rights at a low cost, creating sell pressure that directly impacts liquidity and holder confidence. Arbitrageurs and short-sellers amplify the decline, while the remaining tokens exert ongoing selling pressure on token valuation.
Source: Public Information
ABAB AI Insight
BONK, previously a representative meme coin of Solana, relied on community governance and liquidity incentives. This address executed an attack by precisely calculating the voting threshold, similar to past DAO governance hijacking cases where attackers profited from low circulation and low participation.
In terms of capital flow, the attacker first made small purchases to establish a position and then extracted large amounts of treasury funds through a proposal, cashing out on centralized exchanges. Resources flowed from the project treasury to personal addresses and exchanges, exposing the vulnerability of decentralized governance in low-participation environments.
Similar to the rapid fund transfers after the Ronin bridge attack and several Solana project governance incidents, BONK is currently in a transitional phase of meme narrative collapse and trust reconstruction.
Essentially, this represents capital concentration, where a single address low-cost controls and extracts project funds through governance rules. The mechanism allows a minority of capital to dominate the majority of assets due to asymmetries in voting rights and liquidity, leading to the concentration of project treasury towards the attacker and accelerating price collapse.
ABAB News · Law of Cognition
Low participation governance equals an open invitation for capital hijacking.
When voting rights are cheap, the treasury becomes the attacker’s ATM.
Meme projects sell narratives, governance sells rules, and ultimately the rules determine who takes the real money.