Here’s What Happened

Let’s get straight to it. BONK is one of the meme coins/tokens in line with the SHIB, DOGE kind. The BONK DAO came into existence a couple of years ago, and much like any DAO proposals are welcome, and if passed, it is implemented.

The thing is – nobody was using the BONK DAO much and therefore not watching it either. This is what an unknown person took advantage of. Nobody knows who this somebody was, but here’s what happened.

1.    This somebody buys $4 million worth of BONK
2.    Posts a DAO proposal to transfer $20 million BONK to an address (his/her, of course)
3.    Plays the waiting game for seven days. And nobody notices the proposal in that time
4.    After the waiting period, votes “YES” to the proposal. Remember, this person owned $4 million worth of BONK already and so his/her vote had weight.
5.    The proposal passed
6.    $20 million worth of BONK was transferred to the person

And then the team woke up from its slumber to notice that $20 million in BONK was gone. Interestingly, nobody, absolutely nobody, noticed the entire thing unfolding until the tokens were gone. 

Phew! And we say DAO is for participation and governance. Both failed in this case.

That’s It

And that’s what happened. Keep watching your DAO if you are involved in one. 😉

Image Courtesy: BONK Meme Coin