The move revealed a significant flaw in Bonk’s architecture. The latest decline in the token’s market cap allowed the hacker to require a lower amount to pull this off, which also points to the risk that some protocols are facing during this bear market.
The BONK community still has some hope that the hacker will receive a bounty for revealing this exploit rather than fully cashing out on the heist. However, data from Chainalysis shows that the wallets involved have already started to liquidate around $5 million worth of BONK tokens.
This explains today’s strong drop. Trading volumes jumped by 220% in the past 24 hours as a result of the hack. At $140 million, these volumes account for more than a third of the token’s circulating market cap.
Bonk Ecosystem Growth Stalls as Launchpad Demand Craters
Meme coins as a whole have been heavily battered during this bear market, as interest in these tokens has waned. Bonk is the third-largest Solana meme coin with a market cap of $370 million.
Source: Original Article
