Woofun AI reports that BonkDAO suffered a security breach through a malicious governance proposal, resulting in the theft of approximately $20 million worth of BONK tokens from its treasury. The attacker exploited the proposal mechanism to transfer assets, which subsequently began flowing to exchanges.

The influx of stolen tokens exerted downward pressure on the market, causing the BONK price to drop over 9%. In response to the incident, South Korean exchange Upbit issued a notice temporarily suspending BONK deposits and withdrawals to mitigate potential risks.