The hacker behind April's BonkDAO governance exploit just dumped a fresh chunk of stolen tokens onto an exchange. On-chain analyst EmberCN reported Saturday that 400 billion BONK – worth roughly $1.19 million at the time – were sent to Coinbase. The transfer came through a governance proposal the attacker had previously abused to drain the DAO's treasury.
BONK fell 8.27% in the past 24 hours, trading at $0.000002948 as of 9:50 p.m. UTC, according to CoinMarketCap. The large inflow directly onto a centralized exchange added immediate sell pressure to a memecoin already struggling to hold support.
This is not the first time the stolen tokens have moved. In April, the attacker exploited a flaw in BonkDAO's governance mechanism to pass a malicious proposal, siphoning billions of BONK from the community treasury. Since then, the funds have been moved in tranches – each transfer a reminder that the perpetrator still controls a sizable stash.
The latest batch is notable because Coinbase is one of the deepest order books for BONK. A sudden deposit of that size can push the price down quickly if the tokens are sold rather than held. So far, the data does not show whether the attacker has already sold into the market or is simply depositing to prepare for a sale.
For traders, the key risk is that the hacker still holds billions more. Any further movement to exchange wallets could trigger another leg down. The price action over the next few sessions will likely reflect whether buyers step in to absorb the supply – or step aside.
Watch for on-chain alerts tied to the attacker's wallet. If the same pattern repeats, BONK could face repeated bouts of selling pressure until the stash is either liquidated or locked again.
Hacker sends $1.19M of stolen BONK to Coinbase as price falls 8%
The hacker who used a flaw in BonkDAO’s voting system to drain its community treasury sent 400 billion BONK tokens, worth about $1.19 million, to exchange Coinbase, while BONK fell 8.27% as the deposit increased selling pressure. The hacker still controls billions more BONK, but it is unclear whether the latest deposit was sold or was only preparation for a sale.