🚨$20 million in $BONK was drained through a malicious governance proposal.

Here's the mechanism that made this possible.
Someone bought BONK across multiple exchange wallets ahead of a proposal vote, likely to build enough voting weight to push it through, then used that same proposal mechanism to drain the treasury instead of funding a legitimate grant. BonkDAO has since identified those exchange wallets used to accumulate BONK before the vote.
This is the same attack vector Compound DAO suffered in 2023, buy enough voting power quietly, push a proposal through before anyone reacts, extract the treasury. Governance token voting only works as a security model if quorum and vote weight can't be bought faster than the community can respond.
BonkDAO says law enforcement has been notified and it's working with exchanges, bridges, and the Solana Foundation to trace and potentially freeze the funds. Recovery is possible, on-chain movement isn't anonymous, but it depends entirely on whether the attacker cashes out through exchanges with KYC before the net closes.