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 completely reimburse hack victims.

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

Based on the outline beneath the voting knowledge, particular person customers might be paid again in FEI, whereas DAOs might be paid in DAI. Customers would additionally should 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. 

The entire 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 knowledge from CoinGecko.  

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

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

“At this stage, a accountable selection 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 means of snapshot signaling polls and on-chain; nevertheless, none led to a decision for affected customers.

In a Sept. 20 Twitter submit 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 should 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.”

Following the hack, a $10 million bounty was supplied to the hackers but it surely was by no means disclosed in the event that they responded.