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 vote on Sunday with the intent to completely reimburse hack victims.

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

In accordance with the outline beneath the voting knowledge, particular person customers shall be paid again in Fei USD (FEI), whereas DAOs shall be paid in Dai (DAI). Customers would additionally must signal a message releasing any legal responsibility.

In a Sept. 20 Twitter post, Fei’s founder Joey Santoro on Twitter stated the cost can 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.

It is 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, according to knowledge 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 explained the “difficult macro setting” and “particular challenges resembling Rari Capital’s Fuse hack” had been all elements within the choice.

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

The entire means of reimbursing victims of the hack has been ongoing, with a number of rounds of voting by means of snapshot signaling polls and on-chain. Nonetheless, none led to a decision for affected customers.

Santoro defined the challenges all of them confronted in arising with an answer and hopes that different DAOs can study from the incident.

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

“The most important lesson right here is that DAOs shouldn’t must 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 all the stakeholders actually did their finest in an unprecedented scenario.

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