Tribe DAO Votes in Favor of Rari Hack Victims to be Paid Fully

Tribe DAO Votes in Favor of Rari Hack Victims to be Paid Fully

The $80 million Rari Fuse swimming pools hack has left the Tribe DAO group, a bunch of DeFi protocols that features Fei Labs and Rari Capital, in a state of shock. And now that an on-chain vote in favor of full reimbursement was held on the blockchain, the group is lastly making restitution to the victims.

Because of a “reentrance vulnerability”, attackers drained $80 million from Rari Capital’s liquidity swimming pools in May.

Since then, a proposal submitted by Fei Labs founder Joey Santorohas has been thought of. He proposed to dismantle the DAO by distributing its belongings amongst present holders of TRIBE – the decentralized entity’s native token – whereas additionally compensating these affected by the hack. 

The current on-chain voting on platform Tally acquired 99% approval for full reimbursement.

“If passed, this proposal would issue a payment to those affected by the Fuse Hack corresponding to the full amount stolen by the hacker” in accordance to the ballot.

The proposal included three main impartial elements: consolidation, Fuse hack sufferer fee, and ultimate redemption.

End-users would be paid in FEI in change for cTokens from the affected Fuse swimming pools. There would be a direct fee in DAI for the affected DAOs and good contracts. The complete fee quantity is sort of 12.68M FEI and 26.61M DAI.

Following the vote, Fei Labs said, “Final Redemption involves backing FEI 1:1 with DAI with zero fees, and allowing TRIBE holders to claim a pro-rata share of the remaining PCV.”

The discussion board dialogue outlining which customers and DAOs would be refunded included Babylon Finance, Olympus, Gnosis Safe, and Fuji DAO.

The proposal is only a step ahead following the announcement that Fei Protocol will mitigate the harm by partially withdrawing participation from Tribe DAO.

“Only a few governance decisions remain now for the Tribe DAO over the next couple weeks. I am looking forward to applying all of the experience gained from the Tribe DAO to help advance the mission of DeFi” Santoro tweeted.

Compiled by Coinbold

Rate this post