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Sunday, November 27, 2022

Tribe DAO Approves Of Compensating Victims Of The $80 Million Rari Attack.

One among the last governance choices at Tribe DAO, that has declared intentions to wound down, was indeed the voting to compensate users who were harmed by the Rari Hacking.

Following several months of ambiguity, Tribe DAO recently approved a resolution to compensate the victims of the recent 80 million dollars liquidity pool hack on the DeFi platform of Rari Capital.

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Tribe DAO, consisting of Rari Capital, Midas Capital, Volt Protocol, and Fei protocol has decided to vote this Sunday with the intention of completely reimbursing hacking victims after numerous voting rounds and governance suggestions.

99% of voters approved the proposition, according to statistics provided by the on-chain polling platform Tally. It was carried out on Tuesday.

Individual users as per the description below the vote data (DAI) will be reimbursed in full with the Fei USD (FEI). However, Tribe DAOs will be compensated in Dai.   Additionally, users would need to sign a statement waiving any culpability.

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Joey Santoro, creator of Fei, stated on Twitter that the money will be collected 24 hours following the vote’s success.

The Tribe DAO Willing To Compensate The Victims Of Rari Hacking:

According to information from CoinGecko, the amount payable is made up into 12.68 million FEI, that are now priced at $0.97, and nearly 26.61 million in DAI, which are currently selling at $1. Tribe DAO, that have made plans to unwind, the vote was among the last governance choices.

They noted that the “difficult macro climate” and “particular issues like Fuse hack of Rari Capital” were all considerations in the judgment in their proposal from August 20.

Several round of polling through snapshot signalling polls and the on-chain have been conducted as part of the continuing process of compensating hacking victims. None, however, resulted in a remedy for the impacted users.

Joey Santoro wrote on the difficulties they all had in trying to find solutions on Twitter on September 20. He expressed the hope that those other Tribe DAOs will draw lessons from the experience.

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