Decentralized exchange Bunni is shutting down after an $8.4 million exploit in September, citing a lack of funds to pay for necessary expenses to relaunch. This comes after Kadena’s team announced they are discontinuing operations due to tough market conditions. Despite the shutdown, Bunni has open-sourced its code for developers to use. Users can withdraw assets, but team members will not receive funds. The team is working with law enforcement to recover stolen funds.

Bunni DEX was exploited on Sept. 2, resulting in an $8.4 million loss. Bunni’s TVL grew significantly before the exploit, but operations were halted after malicious actors exploited the protocol’s codebase. The team has now relicensed Bunni v2 smart contracts to MIT license for open-source use, allowing developers to access features like liquidity distribution functions.

Kadena’s founding team has announced they are winding down and ceasing network operations due to challenging market conditions. Despite this, the network will continue to exist in a community-driven capacity. KDA, the network’s native token, has crashed 70% since the announcement, currently trading at $0.06. The team stepping down has not affected the network’s operation.

Read more at Cointelegraph: Bunni DEX Cited Financial Conditions As The Reason For Its Closure.