Bonk coin hacked with 20 million dollars worth of BONK tokens.
A completely legal and legitimate hostile takeover has happen of Bonk DAO. The team says that the DAO of BONK token was target of a malicious governance proposal resulting in an estimated $20M worth of BONK tokens being drained from the BonkDAO treasury.
The wallets in question have been identified and law enforcement has been pinged to take necessary actions. It’s a completely legal and legitimate hostile takeover.
There’s nothing illegal about that. Maybe if the developers paid attention to their own project and held own coins, they would have been able to defend it but they didn’t, and they don’t.
So was this a hack? No, since everyone can do what he did. He bought $4M worth of BONK and creates a proposal to transfer 20M dollars in BONK to themselves. He waits for 7 days and nobody noticed his proposal. And then, he votes yes with his massive BONK holdings that carry a lot of weight.
Clearly, this was not illegal or a hack. This was done deliberately by someone to make himself rich by exploiting a loop hole in voting rights of BONK DAO.