Bunny Finance and Qubit will disband their protocol and give control of the ecosystem to the community after failing to get back on track following $80 million hacks.
The hacker managed to steal 77,162 qXETH worth $185 million and used it as collateral to borrow several assets from the lending pools worth $80 million. The borrowed tokens included 15,688 Wrapped Ether worth $37.6 million, 767 BTC-B , $9.5 million worth of stablecoin and $5 million worth of PancakeSwap , Pancake Bunny and MDX tokens.The official announcement noted that moving forward, the community will be in charge of major decision making including upgrading contracts, altering fee structure.
The development team has also decided to discontinue major fee structures barring unstaking and compounding fees. The team would also launch a new market on Qubit and get rid of the old model that was hacked. All team tokens would be locked in a community smart contract and profits from the contract would be utilized as a compensation pool. The existing members of the team would participate as a member of the DAO.
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