Track market-moving stories before they get noisy

Bonk [BONK] suffered an exploit of $20 million on 6th July. The memecoin project wrote that it was enabled by a “malicious governance proposal.” Soon after, security analysts flagged the exploited weakness as the project’s security failure.

Source: CryptoS6 on X The BONK exploiter has continued to move funds though. Two transactions of around 400 billion BONK, worth $1.39 million and $1.34 million, were sent to the same Binance deposit address on Thursday, 16th July.

Now, the $2.73 million memecoin move does not confirm they were sold. However, they do suggest that the hacker was looking for an exchange exit.

BONK was already under severe bearish pressure, and the exploit earlier in July did its price action no favors. In the last 24 hours alone, the token has shed 6.72% of its value.

Remarkably, its daily trading volume was up by almost 120% too. Moreover, the Open Interest spiked by 30% in 24 hours. Sliding prices and rising volumes hinted at a notable uptick in selling pressure.

Can BONK holders hold on? Since rallying to a swing high of $0.0000134 in the first week of January earlier this year, BONK has shed 74.18%. Even the early January rally was part of a broader downtrend the memecoin has been on since early February 2025.

Holders have no choice but to hold their losses or sell at extreme drawdown levels.

Source: BONK/USDT on TradingView The $0.00000514 local resistance zone was tested earlier in July, but to no avail. The exploit and the subsequent bearish pressure forced prices to new lows.

The OBV also slid to new lows for the year to showcase the relentless selling pressure on the memecoin. Meanwhile, the RSI on the 1-day chart did not yet reach oversold territory.

As things stand, another 18% BONK drop is likely. The next price target will be $0.00000287, which is the 23.6% southward Fibonacci extension level.

Final Summary Hacker behind BONK’s $20 million exploit earlier in July has been moving tokens to Binance, likely with the intent to sell. Severe bearish pressure on the memecoin was amplified and another southbound move cannot be ruled out.

As per an earlier report by AMBCrypto, crypto hacks resulted in $112 million in losses across January and February 2026. Even though the crypto market suffered from low liquidity and poor performance across the board, hacking incidents have remained consistent. 

Hackers hijack Bonk.fun domain planting wallet drainer On Thursday, the 12th of March, hackers hijacked the Bonk.fun domain and planted a wallet drainer on the memecoin’s launchpad.

Bonk.fun confirmed this hacking incident and stated that, 

“A malicious actor has compromised the BONKfun domain.”

Following the incident. the Bonk.fun team warned users against further interaction with the site until it is secured. Tom, the team’s operator, explained that old and already active users were not affected. 

Equally, the hack did not affect traders actively trading BONK tokens on terminals, which were also safe from the hacking. However, users who signed a fake TOS message on the main domain saw their funds drained. 

Tom insisted that the team luckily noticed the incident quickly and avoided more losses, causing only minimal damage. At the same time, the team assured users that they are working to fix the situation with users’ needs as the top priority. 

While users expressed their losses, no official report has been issued regarding the possible amount lost.

BONK faces further downside pressure The hacking incident did more harm to BONK, especially during this period of prolonged weakness. In fact, the mememecoin has traded within a descending channel through 2026.

Over the past day, for instance, Bonk [BONK] erased the little gains made over the past 2 days, touching a low of $0.00000582.

The memecoin’s downside risk strengthened as investors panicked and closed positions following the recent developments. According to Coinalyze, the memecoin recorded 176 billion in Sell Volume compared to 109 billion in Buy Volume on the 12th of March.

Source: Coinalyze As a result, the market recorded a negative delta of -67 billion, a clear sign of aggressive spot selling. On the derivatives side, even more bearishness emerged.

CoinGlass data showed that Derivatives Volume plummeted 33% to $10.7 million, while Open Interest fell 11% to $6.07 million. A drop in both OI and volume signaled reduced exposure and a surge in risk-off sentiment.

Source: CoinGlass Combined, increased bearishness in both spot and futures markets further weakened the market, leaving BONK exposed to further losses.

In fact, the memecoins’ Relative Strength Index (RSI) slightly retraced to 44, holding firmly within the bearish zone. Likewise, BONK fell below its moving averages, further validating the trend’s strength.

Source: TradingView Therefore, if the panic mode prolongs, especially driven by the hack incident, BONK could drop below $0.0000055. To withstand this market shock, BONK must remain above $0.0000060.

Final Summary Bonk.fun domain was compromised on 12 March after hackers planted a wallet drainer on the memecoin launchpad. The team warned users to avoid interacting with the site, though active BONK traders on terminals were not affected.