$BONK WHY DID BONK DROPPED TO -10% TODAY 📉
BONK dropped today mainly due to Upbit's delisting announcement, triggered by a "legal" governance attack.
Two pieces of bad news hit back-to-back:
· The killer blow: Upbit delisting. South Korea's largest exchange, Upbit, announced on Aug 7 that it will end BONK trading support on Sep 7. This cuts off BONK's main trading channel in the Korean market, causing an immediate ~10% price drop.
· Root cause: $20M treasury "legally robbed."** Upbit's delisting stems from an unresolved governance attack on BonkDAO. The attacker spent only **$4.4M to buy voting power and passed a "legitimate-looking" proposal to transfer $20M** worth of BONK from the treasury to themselves, cashing out **$13.58M. Since the entire process followed on-chain rules, the funds cannot be recovered.
This exposed critical flaws in BONK's DAO governance (e.g., low voting thresholds, no timelock), triggering a crisis of confidence among exchanges and investors.
BONK dropped today mainly due to Upbit's delisting announcement, triggered by a "legal" governance attack.
Two pieces of bad news hit back-to-back:
· The killer blow: Upbit delisting. South Korea's largest exchange, Upbit, announced on Aug 7 that it will end BONK trading support on Sep 7. This cuts off BONK's main trading channel in the Korean market, causing an immediate ~10% price drop.
· Root cause: $20M treasury "legally robbed."** Upbit's delisting stems from an unresolved governance attack on BonkDAO. The attacker spent only **$4.4M to buy voting power and passed a "legitimate-looking" proposal to transfer $20M** worth of BONK from the treasury to themselves, cashing out **$13.58M. Since the entire process followed on-chain rules, the funds cannot be recovered.
This exposed critical flaws in BONK's DAO governance (e.g., low voting thresholds, no timelock), triggering a crisis of confidence among exchanges and investors.