Tribe DAO Decides to Repay Affected Users Following Rari Capital’s Hack

The Tribe DAO has voted to refund affected users of Rari Capital’s liquidity pool after months of uncertainty. 

Tribe DAO Will Fully Reimburse the Victims

Previously, in May decentralized finance (DeFi) platforms Rari Capital and Fei Protocol got hacked and lost  more than $80 million. 

The Tribe DAO, composed of Midas Capital, Rari Capital, Fei Protocol, and Volt Protocol, voted on Sept. 18 to fully reimburse hack victims after several rounds of voting and governance proposals.

Related: White Hat Discovers a Multi-million Dollar Vulnerability in ETH to Arbitrum Bridge

The proposal was executed on Sept. 20 after 99% of those who voted were in favor of it, according to data from on-chain voting platform Tally.

Individual Users Will Receive FEI

The voting data indicates that individuals will receive payment back in FEIs, while DAOs will receive payments in DAIs. In addition, users would be required to sign a statement releasing them from liability.

Currently, CoinGecko shows FEI trading at $0.97 and DAI trading at $1. The total payment amount is 12.68 million FEI and 26.61 million DAI.

The proposal on Aug. 20 explained that “challenging macroeconomic conditions” coupled with “specific challenges” such as Rari Capital’s Fuse hack all had an impact on their decision.

“At this stage, a responsible choice for the DAO to consider is leaving the protocol in a state which would defend the FEI peg without the need for governance.”

Related: Reports: NFTs May Be The Biggest On-ramp to Cryptocurrency in CSAO Today

In the process of reimbursing victims of the hack, several voting rounds have taken place with snapshot signaling polls and on-chain consensus; however, no resolution has been reached.

Meanwhile, a tweet from Fei’s founder Joey Santoro said the payment would be made 24 hours after the vote passed.

“The Rari Fuse Hack Payment has passed on-chain to FULLY pay the victims in 24 hours. This is a big moment in these final governance decisions of the Tribe DAO.” 

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Jamilatul Mahmudah

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