The sequence began on June 30 when an anonymous wallet submitted a proposal to transfer Treasury holdings to a wallet it controlled, according to Chainalysis. To pass, the proposal required affirmative votes equal to 1% of BONK’s supply, the quorum or minimum participation required for it to take effect.
Over the course of July 4 and 5, a separate wallet acquired just that much, spending about $4.4 million to buy BONK on the Bybit and Binance exchanges and, in one account, borrowing more through DeFi lending platforms, according to Lookonchain.
Titled “BIP #76 – Sowellian BonkDAO,” the proposal passed with just seven wallets, against more than 18,000 members who did not, a turnout of 2.9%.
It cleared quorum by the slimmest of margins, 882.38 billion BONK in favor of a threshold of 879.95 billion, almost exactly the stake the attacker had spent days amassing.
The 99.9% “yes” result was actually a single voter agreeing with himself. Its written pitch sounds less like a government proposal and more like a boast, promising to “rebuild from the ashes, monetize holdings, stop the bleeding,” with a line noting that “all YES voters are eligible to receive tokens.”
Beneath it was the one instruction that should have turned heads – a transfer of 4.43 trillion BONK to the attacker’s wallet.
On July 6, the voter had enough. It threw all its efforts in favor of the proposal, which then passed, and soon after, about $20 million in BONK automatically moved out of the treasury and into the wallet of the attacker.
