BONK Treasury Attacker Continues Sell-Off, Exerting Heavy Market Pressure

On-chain analyst Yu Jin reported a new large transfer from the address linked to the BONK treasury exploit. Approximately 5 hours ago, the address deposited 400 billion BONK tokens into the Coinbase exchange, with an estimated current value of $1.11 million.

Exploit Overview and Fund Movement

This transfer is part of an ongoing pattern. The address initially acquired a staggering 4.426 trillion BONK tokens from the project's treasury through a controversial governance proposal, valued at roughly $21.2 million at the time.

Since then, the attacker has methodically liquidated holdings:

  • Total Moved to Exchanges: So far, 2.426 trillion BONK tokens, worth approximately $7.88 million, have been sent to centralized exchanges.
  • Remaining Holdings: This leaves around 2 trillion tokens still in the attacker's possession, posing a threat of future selling pressure.

Devastating Impact on BONK Price

The sustained and massive outflow has had an immediate and severe impact on BONK's market price. In the mere 12 days since the tokens were drained from the treasury, BONK's value has experienced a steep decline.

The price plummeted from around $0.0000047 to approximately $0.0000027, representing a cumulative drop of roughly 41%. This sharp correction underscores the market's fragile sentiment in the face of consistent, high-volume selling.

Broader Implications for DeFi

This incident highlights critical vulnerabilities beyond simple market dynamics. It exposes potential flaws in the governance mechanisms and treasury security of DeFi projects. The ability of a single entity to access such a significant portion of a project's assets via one proposal raises serious questions about the practical security of decentralized governance.

For BONK holders and the wider meme coin community, this event serves as a stark risk reminder. It emphasizes that investors must scrutinize not just market volatility, but also a project's governance structure, treasury controls, and potential attack vectors.