Decentralized exchange (DEX) Bunni, built on Uniswap V4 and known for its adaptive liquidity pools and incentive mechanisms, has officially ceased operations following a major security breach in September 2025.
The exploit drained approximately $8.4 million in assets—primarily USDC and USDT—across Ethereum ($2.4 million) and Unichain ($6 million), exploiting a logic-level flaw in the BunniHub smart contract’s withdrawal function related to rounding errors and faulty rebalancing logic.
Despite prior audits by firms like Trail of Bits and Cyfrin, the vulnerability allowed attackers to repeatedly withdraw more tokens than deposited, with stolen funds quickly laundered through Tornado Cash and bridged via Across Protocol.
In an announcement on X dated October 22, 2025, the Bunni team expressed regret over the decision, stating that the incident “halted [their] growth” and that insufficient resources—estimated at six to seven figures for necessary audits, monitoring, and relaunch efforts—made a secure revival impossible.
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The platform’s total value locked (TVL) plummeted from over $60 million pre-exploit to near zero, underscoring the severity of the fallout. Bunni offered a 10% bounty for the return of funds, but received no response from the attacker.
Liquidity providers can still access and withdraw assets via the Bunni website until further notice. Remaining funds will be allocated to holders of BUNNI, LIT, and veBUNNI tokens based on a pre-exploit snapshot, excluding team members, pending legal clearance.
As a parting contribution, Bunni relicensed its v2 smart contracts under the MIT license, making features like liquidity direction functions (LDFs), surge fees, and autonomous rebalancing available to the broader DeFi community.
The team is cooperating with law enforcement for recovery efforts. This incident adds to 2025’s DeFi losses, exceeding $3.1 billion industry-wide, and highlights ongoing risks in cross-chain protocols.
The shutdown has sparked discussions on X about DeFi security, with users lamenting the loss of an innovative DEX while emphasizing the need for diversified liquidity and enhanced bug bounties. Associated protocols like Euler Finance confirmed no direct impact.
Coinbase Unveils Payments MCP for AI Agents
In a push toward “agentic commerce,” Coinbase launched Payments Model Context Protocol—a framework enabling AI agents from models like Anthropic’s Claude (Desktop and Code), Google’s Gemini, OpenAI’s Codex, and Cherry Studio to directly interact with crypto wallets, on-ramps, and stablecoin payments.
Built on the x402 standard an HTTP “402 Payment Required” revival co-developed with Cloudflare, it allows AI to autonomously handle on-chain transactions via natural language prompts, without requiring API keys or complex coding.
Users set up dedicated agent wallets using just an email, with built-in on-ramps in supported regions and configurable spending limits, approval thresholds, and session caps for security. Transactions run locally on desktops to prioritize privacy and speed.
Agents can pay for compute resources, access paywalled data, tip creators, or manage micro-business operations—bridging AI’s analytical power with crypto’s programmable money.
Each agent uses isolated funds no access to users’ main wallets, with Coinbase’s layered checks ensuring regulatory adherence. Future expansions include ChatGPT support once streaming compatibility is resolved.
Coinbase VP Dan Kim and engineering head Erik Reppel described it as empowering AI to “transact and do, not just read and write,” positioning stablecoins as the “machine-perfect” rail for machine-to-machine economies.
The tool is part of the x402 Foundation’s efforts to standardize AI payments, with early testing confirming seamless integration. On X, reactions highlight its potential to make crypto “invisible” in everyday AI use cases, though some note the need for robust safeguards against unintended agent actions.
This development signals accelerating convergence between AI and blockchain, potentially unlocking new use cases like automated DeFi strategies or frictionless global micropayments. For developers, Coinbase’s AgentKit toolkit provides framework-agnostic support to build on it.
Zepz Unveils Sendwave Wallet, A Stablecoin-Based Solution For Seamless Global Transactions
Zepz, the global payments group behind WorldRemit And Sendwave, has launched the Sendwave Wallet, a globally accessible stablecoin-backed peer to peer cross border money solution.
The new wallet allows users to send, store, and spend funds seamlessly across more than 100 countries, providing stable value, near-instant transfers, and low transaction costs within the Sendwave ecosystem.
At its core, the Sendwave Wallet is designed to simplify global money management for individuals and families. Its user-friendly interface enables customers to send funds as easily as sending a message, making it ideal for everyday needs such as supporting loved ones or covering essential expenses.
Through the wallet, customers can quickly open a digital dollar balance within the Sendwave app to send, receive, and deposit funds. These balances are securely held in a stablecoin pegged to the US dollar, ensuring stability and confidence for users managing cross-border finances.
Speaking on the launch the wallet, Mark Lenhard, CEO of Zepz, stated that the launch represents a major step forward in empowering financially active communities across the Global South. “The financial lives of cross-border communities are far more complex and personal than traditional remittance transactions. With Sendwave Wallet, we’re giving customers a trusted, intuitive way to control their money. This is about stability, choice, and dignity for the communities we serve”, he said.
The Sendwave Wallet leverages stablecoin technology to combine the benefits of digital currency with everyday usability. By using stablecoins such as USDC, customers can hold value securely and transfer funds in real time, without the volatility and complexity commonly associated with cryptocurrency wallets. The platform continues Zepz’s legacy of offering transparent and competitive exchange rates, while providing a safe store of value.
With the support of Zepz’s global payout network, users can withdraw their USDC funds through trusted partners, converting them to local currencies for essential needs like food, healthcare, and education. In the future, the wallet will enable customers to spend directly using payment cards or QR codes, expanding its functionality beyond traditional remittance use cases.
To bring this innovation to life, Zepz collaborated with several leading Web3 organizations, including Circle, the issuer of USDC; Solana, a high-speed blockchain network; and Portal, a provider of borderless wallet infrastructure.
Kash Razzaghi, Chief Commercial Officer at Circle, highlighted the importance of integrating USDC into the Sendwave Wallet. He said, “By making USDC central to the Sendwave Wallet, customers gain a secure way to hold value, send near-instantly, and spend with confidence. This is about putting trusted digital dollars directly into the hands of communities, helping them plan, save, and build financial resilience.”
Lily Liu, President of the Solana Foundation, also praised the collaboration, noting that Solana’s scalability and low-cost infrastructure make it ideal for powering global payments. “Zepz’s vision to make global transfers defined by unparalleled speed, unwavering security, and universal affordability can uniquely take place on Solana,” she said.
Looking ahead, Zepz plans to further expand the Sendwave Wallet’s capabilities by enabling users to earn rewards on deposits, make global card payments, and pay bills directly bridging the gap between digital assets and everyday financial life.
More than just a technological advancement, the Sendwave Wallet represents a commitment to financial empowerment and inclusion. By combining the stability of stablecoins with the accessibility of everyday money movement, Zepz is helping families preserve the value of their earnings while building stronger financial futures.