The sequence began on June 30, when an anonymous wallet submitted a proposal to transfer the treasury’s holdings to a wallet it controlled, per Chainalysis. To pass, the proposal needed yes votes equal to 1% of $BONK‘s supply, the quorum, or minimum participation, required for it to take effect.
Over July 4 and 5, a separate wallet acquired exactly that much, spending about $4.4 million to buy $BONK on the exchanges Bybit and Binance and, by one account, borrowing more through DeFi lending platforms, according to Lookonchain.
Titled “BIP #76 – Sowellian BonkDAO,” the proposal passed with just seven wallets voting, against more than 18,000 members who did not, a turnout of 2.9%.
It cleared quorum by the narrowest margin, 882.38 billion $BONK in favor against a 879.95 billion threshold, almost exactly the stake the attacker had spent days assembling.
The 99.9% “yes” result was effectively a single voter agreeing with itself. Its written pitch read less like a governance motion than a boast, promising to “rebuild from the ashes, monetize holdings, stop the bleeding,” with a line noting that “all YES voters are eligible to receive tokens.”
Beneath it sat the only instruction that should have turned heads – a transfer of 4.43 trillion $BONK to the attacker’s wallet.
By July 6 the voter held just enough. It cast its entire stake in favor, the proposal passed, and about $20 million in $BONK automatically moved out of the treasury into the attacker’s wallet.
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