Bunni, a DEX exchange that was hacked in September, has announced that it is drawing shutters on its operations. In a detailed post on X, Bunni said that for it to relaunch, it would need to pay up to a seven figure cost in audits and monitoring expenses — which it is not capable of committing to at the moment.
Bunni was hacked for $8.4 million in September. Following the attack, it had paused all smart contract functions on its network.
Announcing the development this week, the team behind Bunni said, “It’d also take months of development & BD effort just to get Bunni back to where it was before the exploit, which we cannot afford. Thus, we have decided it’s best to shut down Bunni.”
Platform users have been asked to start withdrawing assets until further notice.
About reimbursements, the platform has decided to distribute the remaining treasury assets to BUNNI, LIT, and veBUNNI holders based on a snapshot. the term “snapshot” refers to the specific, recorded moment in time on the blockchain when the attack happened.
“The validation of the legal process is ongoing, and the exact details of the distribution will be shared at a later date once the legal process is finalized. Team members will be excluded from the snapshot,” the X handle @bunni_xyz informed the community.
As of now, the platform has not disclosed any details on how the attack happened and who could be responsible for having initiated it.
“We will continue working with law enforcement to recover the stolen funds from the exploiter,” the platform noted.