Thursday, May 23, 2024

Tribe DAO to repay affected users of $80 million exploit on Rari Capital.

Tribe DAO has passed a vote to repay affected users of the $80 million hacking incident on DeFi platform Rari Capital’s liquidity pools. After several rounds of voting and governance proposals, Tribe DAO decided to vote on September 18 with the intention to fully reimburse hack victims.

99% of those who voted, as per Tally an on-chain voting platform, were in favor and the proposal was executed on September 20. Individual users will be paid back in FEI and DAOs will be paid in DAI. Users have to sign a message for their liability to be released. Joe Santoro, Fei’s founder, tweeted that the payment would be made 24 hours after the passing of the vote. He highlighted that the Rari Fuse Hack Payment has passed on-chain to fully pay the victims within 24 hours. Santoro described it as a big moment in these final governance decisions of the Tribe DAO.

Tribe DAO, in its August 20 proposal, outlined the challenging macro environment and Rari Capital’s Fuse hack as factors in the decision. It said the responsible choice for the DAO to consider is to leave the protocol in a state which would defend the FEI peg without the need for governance. The process of reimbursing the hack victims has been ongoing. There have been several rounds of voting through snapshot signaling polls and on-chain. But none ended in a resolution for affected users.

Joey Santoro hopes that other DAOs can learn from the incident. He said the biggest lesson is that DAOs should not have to make decisions like this. Santoro believes an explicit upfront policy would have saved the DAO from needing to venture into uncharted governance territory.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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