Governance Attack

The attacker bought a majority of a thinly held DAO token, then voted the vault contents to themselves. Term Labs shut down Meta Vault deposits and revoked governance roles in response.

BonkDAO's treasury was drained of about $20 million in BONK tokens on Monday after an attacker spent roughly $4.4 million assembling the exact stake needed to force a governance proposal through a vote nobody else showed up for. Every step was a valid onchain transaction.