The sequence began on June 30, when an anonymous wallet submitted a proposal to transfer the treasury holdings to a wallet it controlled, according to Chainalysis. To be approved, the proposal needed affirmative votes equivalent to 1% of the BONK offer, the quorum or minimum participation necessary for it to come into effect.
During July 4 and 5, a separate wallet acquired exactly that amount, spending around $4.4 million to buy BONK on the Bybit and Binance exchanges and, by one account, borrowing more through DeFi lending platforms, according to Lookonchain.
Titled “BIP #76 – Sowellian BonkDAO,” the proposal was approved with only seven wallets voting, compared to more than 18,000 members who did not, a 2.9% turnout.
It passed the quorum by the narrowest of margins, 882.38 billion BONK in favor against a threshold of 879.95 billion, almost exactly the bet the attacker had spent days gathering.
The 99.9% “yes” result was effectively a single voter who agreed with himself. His written speech seemed less like a governance motion than a boast, promising to “rebuild from the ashes, monetize the stakes, stop the bleeding,” with a line noting that “all YES voters are eligible to receive tokens.”
Beneath it was the only instruction that should have caught your attention: a transfer of 4.43 billion BONK to the attacker’s wallet.
On July 6, the voter had enough. He supported his entire participation, the proposal was approved and around $20 million in BONK automatically moved from the treasury to the attacker’s wallet.
