- Attackers hijacked a BONK.fun team account to deploy a wallet drainer
- Users are urged to avoid interacting with the Solana launchpad for now
- The platform’s market share had already fallen sharply before the attack
A security incident has hit BONK.fun, the Solana-based meme coin launchpad previously known as LetsBONK. According to the team, attackers gained control of one of the project’s accounts and used it to deploy a wallet drainer directly on the website. The exploit allowed malicious actors to attempt draining funds from users interacting with the platform.
The team has confirmed that the incident is currently under investigation and warned users to avoid interacting with BONK.fun until further notice. For now, anyone who connected their wallet to the platform during the compromised period is being urged to exercise caution while the team works to secure the site.
BONK.fun Rose Quickly in Solana’s Meme Coin Ecosystem
BONK.fun launched in April 2025 through collaboration between the BONK community and the Solana-based decentralized exchange Raydium. The platform was designed to simplify meme coin creation, allowing users to launch tokens without coding through a system powered by dynamic logarithmic bonding curves.
The concept quickly gained traction within Solana’s meme coin ecosystem. By mid-2025, BONK.fun had surged ahead of competitors and controlled roughly 84% of Solana’s token launchpad market, overtaking the widely known Pump.fun platform.
Market Share Declined as Competition Intensified
However, the platform’s dominance didn’t last. Engagement began declining as reward structures became harder to sustain and the number of successful token launches slowed. At the same time, rival platform Pump.fun began recovering market share through aggressive buybacks, improved scaling infrastructure, and its acquisition of analytics platform Kolscan.
By the end of 2025, BONK.fun’s share of the Solana launchpad market had dropped to just 7%, according to Dune Analytics data. The shift was also reflected in revenue figures, with BONK.fun generating roughly $84,000 compared to Pump.fun’s much larger $720,000 during the same period.
Fee Cuts Failed to Sustain the Comeback Attempt
In early 2026, BONK.fun attempted to reignite interest by reducing creator fees to 0%, a move aimed at attracting new token launches back to the platform. The change briefly boosted activity, pushing revenue higher toward the end of January.
The momentum proved short-lived. Pump.fun quickly introduced new incentives of its own, allowing it to reclaim more than 70% of the launchpad market by February. The latest security incident now arrives at a time when BONK.fun was already struggling to regain its earlier dominance within Solana’s rapidly evolving meme coin ecosystem.
