Donald Trump · New York · Cointelegraph
The developers behind the memecoin project said they had informed law enforcement after the attack and were working to “recover
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The decentralized autonomous organization (DAO) behind the Bonk (BONK) memecoin reported that an unknown entity had removed $20 million worth of the tokens in what it described as an attack using a “malicious governance proposal.”
Key facts
- On Saturday, the New York Times r eported that about 1 million investors in US President Donald Trump’s memecoin, Official Trump (TRUMP), had collectively lost $3.8 million as of June 30
- The market capitalization of the top memecoins, including DOGE, SHIB and Pepe (PEPE), hit a two-year low last week, dropping to about $22 billion before recovering to more than $26 billion in July
- In May, the memecoin launch platform DxSale reported losing $7.3 million in tokens following a cyberattack affecting liquidity providers on the BNB Chain
- One of the dog-themed memecoins, along with tokens like Dogecoin (DOGE) and Shiba Inu (SHIB), BONK launched in December 2022, with its developers airdropping half of the token’s total supply
Summary
The developers behind the memecoin project said they had informed law enforcement after the attack and were working to “recover funds and identify those responsible.” The decentralized autonomous organization (DAO) behind the Bonk (BONK) memecoin reported that an unknown entity had removed $20 million worth of the tokens in what it described as an attack using a “malicious governance proposal.” In a Monday X post, the Bonk project said that it had informed law enforcement after the $20 million attack and was working to “recover funds and identify those responsible.” According to BonkDAO, the parties had drained $20 million in tokens from the project’s treasury on the Solana blockchain. One of the dog-themed memecoins, along with tokens like Dogecoin (DOGE) and Shiba Inu (SHIB), BONK launched in December 2022, with its developers airdropping half of the token’s total supply.