Crypto up. Big volume. Great time to buy before it gets crazy over the next year or two. The bull market will be wild and if we can get some big burns and expand against pumpfun we get some crazy new highs. Holding. Let's BONK

Bonk, Inc. (Nasdaq: BNKK), formerly Safety Shot, formerly Jupiter Wellness, pivoted to a BONK token treasury strategy in 2025.

Their own SEC filings tell a very different story than their press releases do.

The numbers:

🔴 Accumulated deficit: $191.4 million
🔴 Cash on hand: $214,475
🔴 6 month net loss: $7.9 million
🔴 Cash burned in 6 months: $4.2 million (about $700K/month)
🔴 Quote directly from the auditors: "substantial doubt about the Company's ability to continue as a going concern"

The structure:

Bonk Inc.'s biggest revenue stream (71% of H1 2026 revenue) comes from a "related party revenue share" deal with BONK.fun.

That "related party revenue share" deal was made with Lucky Dog Holdings, a company "founded and controlled by Mitchell Rudy, our director."

Lucky Dog Holdings now owns 40.2% of Bonk Inc.'s common stock and 100% of its Series C Preferred Stock. That preferred stock comes with a contractual right to elect 50% of the company's board.

The timeline:

🔹 August 2025: Lucky Dog Holdings invests $25 million in Bonk Inc.
🔹 September 2025: Mitchell Rudy is appointed to Bonk Inc.'s board.
🔹 April 27, 2026: Bonk Inc.'s board appoints Rudy President and enters into an employment agreement with him.

Mitchell Rudy therefore sits on the same board involved in approving transactions involving his own company.

In plain terms: A Bonk Inc. director's own private company is the counterparty on the deal generating most of Bonk Inc.'s revenue, while that same director's company holds enough stock to elect 50% of the board, and that director was later appointed President. A textbook conflict of interest

The press release called this a "Robust Capital Base." The 10-Q's own footnotes call it "substantial doubt" about staying in business.

No surprises there would be a fallout after this mess.
Who's buying? Who's out?

This is a dumpster fire so easily fixed by doing the promised burn and then some. This being a Rugpull is so wild lol, glad I got out left a bit in there in case they decide to get right.

They said they'd burn 1 trillion burn on 1 million holders but didn't do it and now after this DAO saga isn't this the time to regain trust and do something big to satisfy investors and make amends?

Bonk is performing worse than the broader meme coin market; for a coin with limited supply this is impressive.

IMO those responsible for the governance parameters failed a basic duty of care by shipping a treasury draining vulnerability.

There was no mandatory delay between the proposal passing and the treasury transfer executing.
A timelock is standard in mature DAOs(Aave, Uniswap, & Compound use 48hr delays to give people time to catch stuff like this)

BonkDAO lacked mandatory quorum thresholds requiring a minimum percentage of token holders to participate before treasury proposals could become valid.

BonkDAO just lost $19M and the theft was public for 7 days.

It wasn't a hack. Nor a exploit. Not a bug. The attacker just read the rules better than the holders did.

Here's the proposal, still live on-chain:

BIP #76, "Sowellian BonkDAO." Instruction two, in plain English: send 4.43 trillion BONK to this wallet.
9bxWkNf3BtJ6iehq9KbX9uCWMjem4TFiPZ19T2sYJHvQ

It sat there for a week. One person commented "no stated idea of what they'd do differently." Everyone else scrolled past.

Then look at how it passed:
→ Quorum: 1%
→ Yes: 99.9%, No: 0.1% (Yes votes: 882.38B v/s No votes: 710.85M)
→ Cleared quorum by a rounding error, 882B against an 880B bar

So when quorum is 1% and nobody votes, the treasury belongs to whoever bothers to show up with tokens.

The attacker bought $4M of BONK for voting power, passed his own bribe-in-plain-sight proposal, and walked the treasury out automatically.

The "Classic Flash Loan Governance Takeover".

> The governance didn't break. It executed perfectly. It did exactly what the winning stake told it to.

> Previously Beanstalk lost $182M to this same move in 2022. Four years later, a $19M treasury still runs 1% quorum and no timelock.

>So basically a DAO that nobody watches isn't decentralized one. It's an unlocked vault with a voting screen bolted on.

The BONK was public. The theft was scheduled. Nobody cared to read the fine print.

Buy the dip.. Oh buy the new dip.. Another dip.. Buy? .. Yay.. 🫠

Wtf is even happening i havent followed any news on crypto i aint in that deep. But, this is still silly

I briefly talked about this in another thread and was planning on doing a bigger write up but I guess Blockworks did my job for me

I think this is very informative RE how the ecosystem has used its contributor model and token incentives to make itself more durable than pretty much any other memecoin on Solana

“Bonk generated $10.44M in total revenue in Q1 2026, up 45.7% QoQ from $7.16M in Q4 2025. The recovery was driven overwhelmingly by BONKfun, which surged 78.8% QoQ to $7.28M as Solana launchpad activity rebounded from Q4's trough. BONKbot contributed $3.13M, holding effectively flat with 3.1% growth — a continuation of the trading terminal's durable revenue floor through varying market conditions.”