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.

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.

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.

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.

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Author: Gladys Makena