The sequence started on June 30, when an nameless pockets submitted a proposal to switch the treasury’s holdings to a pockets it managed, per Chainalysis. To cross, the proposal wanted sure votes equal to 1% of BONK’s provide, the quorum, or minimal participation, required for it to take impact.
Over July 4 and 5, a separate pockets acquired precisely that a lot, spending about $4.4 million to purchase BONK on the exchanges Bybit and Binance and, by one account, borrowing extra by way of DeFi lending platforms, in accordance with Lookonchain.
Titled “BIP #76 – Sowellian BonkDAO,” the proposal handed with simply seven wallets voting, towards greater than 18,000 members who didn’t, a turnout of two.9%.
It cleared quorum by the narrowest margin, 882.38 billion BONK in favor towards an 879.95 billion threshold, nearly precisely the stake the attacker had spent days assembling.
The 99.9% “sure” outcome was successfully a single voter agreeing with itself. Its written pitch reads much less like a governance movement and extra like a boast, promising to “rebuild from the ashes, monetize holdings, cease the bleeding,” with a line noting that “all YES voters are eligible to obtain tokens.”
Beneath it sat the one instruction that ought to have turned heads – a switch of 4.43 trillion BONK to the attacker’s pockets.
By July 6, the voter held simply sufficient. It solid its complete stake in favor of the proposal, which then handed, and shortly after, about $20 million in BONK mechanically moved out of the treasury into the attacker’s pockets.
