Trader Who Drained BONK Treasury Keeps Selling, Token Down 40%
A wallet that pulled 4.426 trillion BONK from the treasury on July 6th keeps selling, and the token is down about 40% with $6.94M still to unload.
The trader who pulled 4.426 trillion BONK tokens out of the memecoin's treasury on July 6th has not stopped selling. On-chain data shared on X shows another 800 billion BONK, worth roughly $2.48 million, moved out of the wallet today. The token dropped 14% on the day. It is now down about 40% since the tokens first left the treasury, and the selling pressure is coming from a source everyone can watch in real time.
What actually happened
Call it a hack if you like, but the mechanism was the governance process itself. The trader took 4.426 trillion tokens, worth about $21.2 million at the time, out of the BONK treasury by pushing them through a governance vote rather than by breaking any code. That distinction is the uncomfortable part. Whether the withdrawal reads as outright theft or as a legal exploit of loose rules is a question the project has not cleanly answered. The tokens are gone either way. Now they are being fed into a market that has to absorb them.
The market cap collapse
BONK was once one of the largest memecoins in the Solana ecosystem. Its market capitalization topped $4 billion at the peak. Today it sits at $243 million. That is a fall of more than 90% from the top. The treasury drain landed on top of a broader retreat from memecoins, and the two forces together have erased most of what the token was worth. A 40% slide since July 6th is the visible cost. The reputational damage of a treasury that a single vote could empty is harder to price, and it does not reverse when the chart bounces.
The overhang that remains
The selling is not finished. The wallet still holds 2.4 trillion BONK, worth roughly $6.94 million at current prices. That is a known block of supply parked directly above the market, and each tranche that reaches an exchange resets the floor a little lower. Today's 800 billion tokens were one slice of a much larger position. The rest can move whenever the holder decides. Anyone can watch the address. Nobody can make it stop.
Sources
- Sales Continue in the Hacked Altcoin: The Hacker Still Holds a Large Number of Tokens
Disclosure
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