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SPIN Processed News Frame: The Shield
DeFI Exploits : Crypto Hacker Spends $4M to Drain $20M from BonkDAO’s Treasury, No Smart Contract Failed
A hacker spent $4M to buy voting tokens and pass a malicious governance proposal that drained $20M from BonkDAO’s treasury, exploiting decentralized governance—not smart contract code—demonstrating a new attack vector in DeFi.
Spin 65% Source-Supported AI Risk Moderate Needs Evidence
Crowdfund Insider
Aug 1, 2026
SPIN Processed News Frame: The Shield
BonkDAO, which oversees the Bonk memecoin, says it was the target of a "malicious governance proposal" that resulted in a loss of $20M worth of Bonk tokens (Daniel Kuhn/The Block)
BonkDAO, the decentralized autonomous organization governing the Bonk memecoin, suffered a $20M token loss due to a malicious governance proposal exploit.
Spin 85% Claim Present in Source AI Risk Moderate
Techmeme
Jul 8, 2026