Decentralized exchange Bunni has announced its shutdown following an $8.4 million exploit in September, making it the second crypto project to close down this week. The team revealed in a Thursday post that the recent breach halted Bunni’s growth, and relaunching securely would require six to seven figures in audit and monitoring expenses—funds they currently lack. Bunni’s closure follows the exit of the founding team behind layer-1 blockchain Kadena, who also ceased operations amid challenging market conditions.
The exploit occurred on Sept. 2, resulting in losses across Ethereum and the Unichain layer-2 network. Prior to the incident, Bunni saw rapid growth, with its total value locked soaring from $2.23 million in June to nearly $80 million in mid-August. Although operations are ending, the team has relicensed Bunni v2 smart contracts from Business Source License to the open-source MIT license, enabling developers to freely use innovations like liquidity distribution functions, surge fees, and autonomous rebalancing.
Users can still withdraw their assets via the website until further notice, and remaining treasury assets will be distributed to BUNNI, LIT, and veBUNNI holders after legal approval. The team will also continue cooperating with law enforcement to recover the stolen funds.
Meanwhile, Kadena’s founding team stepping down leaves the network community-driven despite a 70% drop in its native token KDA’s value since the announcement.
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