The post Bunni DEX Cited Financial Conditions As The Reason For Its Closure. appeared on BitcoinEthereumNews.com. Decentralized exchange Bunni has announced it is shutting down following an $8.4 million exploit in September, and is now the second crypto project team to throw in the towel this week.  In a Thursday X post, the team stated that it will be winding down operations due to a lack of funds. “The recent exploit has forced Bunni’s growth to a halt, and in order to securely relaunch, we’d need to pay 6-7 figures in audit & monitoring expenses alone — requiring capital that we simply don’t have,” they said. The team said they didn’t have considerable amount needed to spend on development costs and other expenditures that was required to get the protocol back on track. Bunni’s shutdown comes days after the founding team behind layer-1 blockchain Kadena said it would cease operations due to difficult market conditions. Source: Bunni Bunni DEX exploited in September The protocol was exploited on Sept. 2 to the tune of $8.4 million across Ethereum and layer-2 network Unichain. Operations were then halted.  In a Sept. 4 blog post, Bunni said the malicious actors exploited the protocol’s codebase. Bunni DEX was built on Uniswap v4 to optimize returns for liquidity providers through the use of its custom mechanism called Liquidity Distribution Function. Prior to the exploit, Bunni was growing at an exponential rate, as its TVL skyrocketed from $2.23 million on June 10 to nearly $80 million on Aug. 19, according to DefiLlama. Open-sourcing the code Despite ceasing operations, the team has relicensed Bunni v2 smart contracts from Business Source License to MIT license, which is an open-source software license, which garnered some praise from the community.  This will allow any developer to use all the features and innovations developed by Bunni, like liquidity distribution functions, surge fees and autonomous rebalancing.  The team has… The post Bunni DEX Cited Financial Conditions As The Reason For Its Closure. appeared on BitcoinEthereumNews.com. Decentralized exchange Bunni has announced it is shutting down following an $8.4 million exploit in September, and is now the second crypto project team to throw in the towel this week.  In a Thursday X post, the team stated that it will be winding down operations due to a lack of funds. “The recent exploit has forced Bunni’s growth to a halt, and in order to securely relaunch, we’d need to pay 6-7 figures in audit & monitoring expenses alone — requiring capital that we simply don’t have,” they said. The team said they didn’t have considerable amount needed to spend on development costs and other expenditures that was required to get the protocol back on track. Bunni’s shutdown comes days after the founding team behind layer-1 blockchain Kadena said it would cease operations due to difficult market conditions. Source: Bunni Bunni DEX exploited in September The protocol was exploited on Sept. 2 to the tune of $8.4 million across Ethereum and layer-2 network Unichain. Operations were then halted.  In a Sept. 4 blog post, Bunni said the malicious actors exploited the protocol’s codebase. Bunni DEX was built on Uniswap v4 to optimize returns for liquidity providers through the use of its custom mechanism called Liquidity Distribution Function. Prior to the exploit, Bunni was growing at an exponential rate, as its TVL skyrocketed from $2.23 million on June 10 to nearly $80 million on Aug. 19, according to DefiLlama. Open-sourcing the code Despite ceasing operations, the team has relicensed Bunni v2 smart contracts from Business Source License to MIT license, which is an open-source software license, which garnered some praise from the community.  This will allow any developer to use all the features and innovations developed by Bunni, like liquidity distribution functions, surge fees and autonomous rebalancing.  The team has…