Tribe DAO Votes In Favor Of Repaying Victims Of $80M Rari Hack

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

Following a number of rounds of voting and governance proposals, Tribe DAO, which consists of Midas Capital, Rari Capital, Fei Protocol and Volt Protocol, took the choice to a vote on Sept. 18 with the intent to totally reimburse hack victims.

Information from on-chain voting platform Tally shows that 99% of those that voted had been in favor and the proposal was executed on Sept. 20.

In line with the outline beneath the voting information, particular person customers might be paid again in FEI, whereas DAOs might be paid in DAI. Customers would additionally need to signal a message releasing any legal responsibility.

Fei’s founder Joey Santoro on Twitter mentioned the cost could be made 24 hours after the passing of the vote.

1/ The Rari Fuse Hack Cost has handed on-chain to FULLY pay the victims in 24 hours.

This can be a huge second in these closing governance selections of the Tribe DAO.

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

The full cost quantity is 12.68 million FEI which is buying and selling at $0.97 on the time of writing and 26.61 million DAI which is buying and selling at $1, in response to information from CoinGecko.

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

Of their Aug. 20 proposal, they defined the “difficult macro setting” and “particular challenges similar to Rari Capital’s Fuse hack” had been all components within the choice.

“At this stage, a accountable alternative for the DAO to think about is leaving the protocol in a state which might defend the FEI peg with out the necessity for governance.”

The entire strategy of reimbursing victims of the hack has been ongoing, with a number of rounds of voting by snapshot signaling polls and on-chain; nonetheless, none resulted in a resolution for affected users.

In a Sept. 20 Twitter put up Joey Santoro defined the challenges all of them confronted in developing with an answer and hopes that different DAOs can be taught from the incident.

Associated: DeFi protocol shuts down months after the Rari Fuse hack

“The most important lesson right here is that DAOs mustn’t need to make selections like this after the actual fact. An express upfront coverage, ideally with on-chain enforcement, would have saved the DAO from needing to enterprise into uncharted governance territory.”

6/
I hope everybody can take away these classes and know that the entire stakeholders really did their greatest in an unprecedented state of affairs.

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