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Bonk is the dog-themed Solana meme coin whose December 2022 fair-launch airdrop kickstarted Solana's recovery. Here's what BONK is, what it actually does and the honest risks.
Treasury drains via simple on-chain vote have moved from theoretical to routine, and the Bonk memecoin community is the latest proof that low voter turnout is the real attack surface.
The attacker used a signature-verification bug in Supra's oracle to spoof SAUCE prices, borrow against phantom collateral, and drain roughly $9.05M before the protocol was paused.
One governance takeover, a full chain shutdown, a new AI-focused L1, and an Uniswap burn extension in the same seven days.
A single verifier-side price bug let an attacker mint $9M of unbacked borrowing power on Hedera's largest lending market.
A $4M vote-buy blitz executed through a proposal sat dormant for six days, then drained roughly $20M in BONK from the DAO treasury, exposing how thin voting power in a memecoin governance can be.
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