BONK.fun, a Solana-based meme coin launchpad formerly known as LetsBONK, said Thursday that attackers took over a team account and used it to run a wallet drainer on the site.
The incident is under investigation, and users are urged to stop interacting with the website until the team confirms the platform is secure.
Launched in April 2025 by the BONK community alongside Raydium, BONK.fun allows users to deploy tokens without coding using dynamic logarithmic bonding curves.
The platform rapidly overtook Pump.fun to command 84% of Solana’s launchpad share by mid-2025.
However, engagement dropped as reward mechanisms became difficult to sustain and successful token launches slowed, while Pump.fun rebounded with major buybacks, its acquisition of Kolscan, and better scaling capacity.
By the end of 2025, BONK.fun controlled only 7% of the market, according to data from Dune. Its revenue also declined to around $84,000, while Pump.fun’s revenue topped $720,000.
BONK.fun reduced creator fees to 0% in early 2026 to reignite growth, leading to a brief surge in revenue toward the end of January. The momentum faded soon after as Pump.fun responded with new incentives, allowing it to regain over 70% of the market by February.
Source: https://cryptobriefing.com/bonkfun-security-breach-report/
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