Bonk on Base (BONK)

An update on the BonkDAO treasury.

As we shared on July 6, a governance proposal moved assets out of the community treasury. Since then, we have been exploring all avenues for recovery. The wallets involved remain flagged and monitored.

The BONK token itself was not compromised. No user funds or wallets were affected. To our knowledge, no other projects or protocols were impacted. This was isolated to the community treasury and a single vote. We are still gathering all the facts and a formal post mortem is forthcoming.

BONK is safe to hold, use, and trade. You may notice precautionary labels on BONK, or temporary pauses on deposits or withdrawals, on some exchanges. These measures help keep the affected treasury funds from moving, and they protect the community while recovery efforts continue. We know the friction is frustrating, and we are working with the exchanges to restore normal activity as soon as possible.

Resolving something like this in a decentralized system is complex and takes time, and we as

another defi protocol was exploited yesterday.

bonzo lend lost around $9m after an attacker deposited just $3 of collateral and got the protocol to treat it as if it were worth millions. the attacker did not even need to forge a signature. they submitted [0,0], which basically meant no real signature, and the public key used to verify it was also zero. the oracle still accepted the fake price update as valid.

honestly, this is the part of defi that still worries me. earlier this week, bonkdao lost $20m through a malicious governance proposal, and now bonzo has lost $9m because a verifier failed to reject two zero values. the attack methods were different, but both show how much money can disappear because one small part of a protocol was not properly checked.

for now, i think the sensible way to use defi is to be very selective about where you deposit funds, avoid putting too much money into one protocol, and look beyond whether the contracts have been audited. you also need to know which oracle the protoc