Woofun AI reports that the wallet address linked to the $21.2 million BONK DAO governance exploit has transferred an additional 400 billion BONK tokens to Coinbase, a move tracked by EmberCN that intensified market volatility.

This latest deposit, valued at approximately $1.19 million, precipitated an immediate 7% decline in the token’s price. The action compounds existing losses for holders who have already absorbed significant value destruction from the initial breach.

The original attack, executed in late July 2024, exploited a vulnerability in the BONK DAO’s governance mechanism. This flaw allowed the perpetrator to drain 5.4 trillion BONK tokens—worth $21.2 million at the time—from the treasury. Since then, the attacker has systematically moved stolen assets in small tranches to centralized exchanges, likely to minimize slippage during liquidation. This recent transfer brings the total volume moved to Coinbase to over 1.2 trillion BONK.

Woofun AI data shows BONK is currently trading at $0.00000293, reflecting an 8.74% drop over the past 24 hours. The token has shed more than 30% of its value since the incident was disclosed, eroding investor confidence. Adding to the downward pressure, major South Korean exchanges Upbit and Bithumb suspended BONK deposits and withdrawals on July 7. While South Korean regulators have not publicly commented, such suspensions typically trigger additional security reviews following major incidents, creating a price divergence where BONK trades at a discount on these platforms compared to global markets.

The combination of active liquidation by the attacker and reduced liquidity from regional exchange suspensions has driven BONK to multi-month lows. With no compensation plan announced by the BONK DAO and the attacker’s identity remaining unknown, the market faces continued uncertainty regarding future security enhancements or recovery efforts.