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Web3 security incident: RT @wiseadvicesumit: 🚨 THE $21M $BONK HACK, EXPLAINED This wasn't a smart contract exploit. It wasn't a private key compromise. It was a… /

A fast-moving Web3 discussion is forming around Web3 security incident: RT @wiseadvicesumit: 🚨 THE $21M $BONK HACK, EXPLAINED This wasn't a smart contract exploit. It wasn't a private key compromise. It was a… /.

Heat
86
Confidence
70%
Evidence
8
Updated

Why It Happened

Multiple social or news items are discussing the same topic in a short time window.

Actors

ACryptoSAdvanced yield strategies for DeFi liquidity providers

SlowmistBlockchain security company
ZIZILšŸ’°šŸ’øProject
MAMASTRProject
SHShuarixā„¢Project
Eli5defiProject
SPYROProject

Spyro is the most memeable meme dragon in existence, deployed on the ERC20 network in the year of the Dragon. There is no stealth launch with insiders and snipers; instead, there’s a healthy supply distribution through the auto-listing pre-sale. Spyro loves eating dogs, frogs, and pork for breakfast.

BonkThe first Solana dog coin for the people

Bonk is a dog-themed memecoin on the Solana blockchain, launched on Christmas Day 2022 to revitalize the Solana community following the FTX collapse. Created by an anonymous team of 22 Solana developers and builders, Bonk distributed 50% of its total 100 trillion token supply via airdrop to community members including NFT collectors, developers, and artists. The project positions itself as "the first Solana dog coin for the people, by the people," explicitly rejecting venture capital backing in favor of grassroots community ownership. What sets Bonk apart from other memecoins is its combination of fair launch mechanics, extensive ecosystem integration, and active deflationary strategy. Built on Solana, BONK benefits from fast transaction speeds and low fees that make it practical for everyday use. Native products include LetsBonk.fun (a memecoin launchpad that briefly became Solana's market leader in 2025, surpassing Pump.fun with over 78% market share), BonkSwap (a decentralized exchange) and BonkBot (a Telegram trading bot with built-in burn mechanics). BONK is available across 10 blockchain networks and listed on major exchanges including Binance, Coinbase, Kraken, and Robinhood. Governance is handled by BonkDAO, which holds 15% of the token supply and makes decisions through on-chain voting. The community has organized several major burn events, most notably the December 2024 BURNmas campaign that destroyed 1.69 trillion tokens worth over $50 million. In September 2025, Nasdaq-listed Safety Shot, Inc. formed BONK Holdings LLC and acquired over 2.5% of the circulating supply (valued at $55-63 million), making BONK one of the first memecoins to attract formal corporate treasury adoption. Core contributor Nom was appointed to Safety Shot's board, and the company holds a 10% revenue share in LetsBonk.fun. As with all memecoins, BONK is a highly speculative asset with substantial volatility. Its value is primarily driven by community sentiment, social media

Timeline order

Post
Parent event 01

BonkDAO was the target of a malicious governance proposal resulting in an estimated $20M worth …

BonkDAO was the target of a malicious governance proposal resulting in an estimated $20M worth of BONK tokens being drained from the BonkDAO treasury. During the investigation, BonkDAO identified the exchange wallets used to purchase BONK ahead of the proposa…

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Post
Parent event 02

BONK DAO has been hacked for $20M It wasn't a smart contract bug, but a bad config and poor sec…

BONK DAO has been hacked for $20M It wasn't a smart contract bug, but a bad config and poor security practice. Quorum - 1% of supply Timelock - 0 Proposal creation threshold - 100M BONK Voting power - liquid, not staked or locked Worst part is that the propos…

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