The perpetrator who drained 4.426 trillion $BONK tokens - worth $21.2 million - from the BONK treasury has begun selling the proceeds on the open market. According to on-chain analyst lookonchain, the exploiter deposited 1.19 trillion BONK (worth $4.11 million) to the Binance exchange over the past six hours to be offloaded.
What makes the situation particularly tense is not just the volume already sold, but the amount still hanging in the balance. The exploiter reportedly still holds the remaining 3.2 trillion BONK, worth approximately $10.85 million, which could be sent to exchanges at any moment.
The Looming Threat of Ongoing Selling Pressure
lookonchain explicitly warned of potential follow-up sell pressure. With more than half of the stolen tokens still in the hands of an entity clearly intending to sell, each new exchange deposit threatens to push prices down further. Crypto outlet AMBCrypto highlighted that this post-exploit activity could trigger a price drop of up to 18% for BONK - an added risk signal that token holders cannot ignore.
What Remains Unknown
One key point deserves highlighting: the sources did not specify exactly how the funds were drained. lookonchain described the move as ‘legally stealing’, suggesting the exploitation of a vulnerability - likely within access controls or the treasury smart contract - though the exact technical mechanism was not disclosed. Without official details, speculating on the ‘how’ only adds confusion rather than clarity.
For BONK holders, the most pressing matter right now is not the technical mystery, but the simple arithmetic in plain sight: a massive pile of stolen tokens could hit the order books at any time. As long as the remaining $10.85 million is not fully offloaded or frozen, the overhang of selling pressure will continue to weigh on the price - a risk worth considering carefully before making any decisions.
Reported from @lookonchain on X.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
