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Tribe DAO votes to pay back victims of $80 million Rari hack

Published on

September 22, 2022
Read Time:2 Minute, 21 Second

After months of uncertainty, the Tribe DAO has voted to repay affected customers of the $80 million exploit on Rari Capital's decentralized finance (DeFi) platform liquidity swimming pools.

After a number of rounds of voting and governance proposals, Tribe DAO, which consists of Midas Capital, Rari Capital, Fei Protocol, and Volt Protocol, put the choice to a vote on September 18 with the intention of totally compensating hacking victims.

Knowledge from on-chain voting platform Tally shows that 99% of the voters have been in favor and the proposal was carried out on September twentieth.

As described below the voting information, particular person customers are paid again in FEI whereas DAOs are paid in DAI. Customers would additionally need to signal a discover waiving any legal responsibility.

Fei founder Joey Santoro shared on Twitter that fee can be made 24 hours after the vote was handed.

1/ The Rari Fuse Hack Cost handed on-chain to FULL pay the victims inside 24 hours.

It is a large second in these closing Tribe DAO governance selections.

— Joey's ERC-4626 (@joey__santoro) September 19, 2022

The entire fee quantity is 12.68 million FEI buying and selling at $0.97 on the time of writing and 26.61 million DAI buying and selling at $1 based on CoinGecko information.

The vote was one of many closing governance selections for Tribe DAO, which has introduced plans to wind it down.

In her August twentieth SuggestionThey defined that the "difficult macro setting" and "particular challenges like Rari Capital's Fuse hack" have been all elements within the determination.

"At this stage, it's a accountable determination that the DAO ought to think about leaving the protocol in a state that will defend RDI connectivity with out the necessity for governance."

All the means of compensating the victims of the hack was underway, with a number of rounds of voting by snapshot signaling polls and on-chain; nonetheless, none ended with an answer for affected customers.

In a Sept. 20 Twitter submit, Joey Santoro defined the challenges all of them confronted looking for an answer and hopes different DAOs can study from the incident.

Associated: The DeFi protocol shall be shut down months after the Rari Fuse hack

“The largest lesson right here is that DAOs do not need to make such selections after the very fact. An express ex ante coverage, ideally with on-chain enforcement, would have saved the DAO from having to enterprise into uncharted governance territory.”

6/
I hope everybody can take these classes and know that everybody concerned actually did their finest in an unprecedented scenario.

— Joey's ERC-4626 (@joey__santoro) September 19, 2022

After the hack, the hackers have been provided a $10 million bounty, however it was by no means introduced in the event that they responded.



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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : September 22, 2022
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