The streak began on June 30, when an anonymous wallet submitted a proposal to move Treasury holdings to a wallet it controlled, according to Chainalysis. To pass, the proposal required a positive vote equal to 1% of BONK’s bid, the quorum or minimum participation required for it to take effect.
On July 4 and 5, a separate wallet acquired exactly that much, spending around $4.4 million to purchase BONK on the Bybit and Binance exchanges and, through a single account, borrowing more through DeFi lending platforms, according to Lookonchain.
Titled “BIP #76 – Sowellian BonkDAO,” the proposal passed with just seven wallet votes, compared to more than 18,000 members who did not, a turnout of 2.9%.
He reached quorum by the narrowest margin, 882.38 billion BONK in favor against a threshold of 879.95 billion, almost exactly the stake the attacker had taken days to gather.
The 99.9% “yes” result was actually the result of just one voter agreeing with themselves. His written speech reads less like a governing motion and more like a boast, promising to “build from the ashes, monetize the assets, stop the bleeding,” with one line noting that “all YES voters are eligible to receive tokens.”
Below was the one instruction that should have turned heads: a transfer of 4.43 trillion BONK to the attacker’s wallet.
By July 6, voters had just had enough. He voted in favor of his entire stake, the proposal was adopted, and approximately $20 million in BONK was automatically withdrawn from the treasury and transferred to the attacker’s wallet.
