After several weeks of uncertainty, the Tribe DAO has transpired a election to pay back affected people that use the $80 million exploit on decentralized finance (DeFi) platform Rari Capital’s liquidity pools.
Following several models of voting and governance proposals, Tribe DAO, featuring its Midas Capital, Rari Capital, Fei Protocol and Volt Protocol, required the choice to election on Sunday using the intent to completely compensate hack victims.
Data in the on-chain voting platform Tally shows that 99% of individuals who voted were for and also the proposal was performed on Tuesday.
Based on the description beneath the voting data, individual users is going to be compensated in Fei USD (FEI), while DAOs is going to be compensated in Dai (DAI). Users would also need to sign a note releasing any liability.
Inside a Sept. 20 Twitter publish, Fei’s founder Joey Santoro on Twitter stated the payment could be made 24 hrs following the passing from the election.
1/ The Rari Fuse Hack Payment has transpired on-chain to completely spend the money for victims in 24 hrs.
This can be a big moment during these final governance decisions from the Tribe DAO.
— Joey ’s ERC-4626 (@joey__santoro) September 19, 2022
The entire payment amount is 12.68 million FEI, that is buying and selling at $.97 during the time of writing, and 26.61 million DAI, that is buying and selling at $1, according to data from CoinGecko.
The election was among the final governance decisions for Tribe DAO that has announced intends to wind lower.
Within their August. 20 proposal, they described the “challenging macro environment” and “specific challenges for example Rari Capital’s Fuse hack” counseled me factors within the decision.
“At this stage, an accountable option for the DAO to think about is departing the protocol inside a condition which may defend the FEI peg without resorting to governance.”
The operation of reimbursing victims from the hack continues to be ongoing, with several models of voting through snapshot signaling polls as well as on-chain. However, none led to a resolution for affected users.
Santoro described the difficulties all of them faced in creating a solution and hopes that other DAOs can gain knowledge from the incident.
Related: DeFi protocol shuts lower several weeks following the Rari Fuse hack
“The greatest lesson here’s that DAOs should not need to decide such as this afterwards. An explicit upfront policy, ideally with on-chain enforcement, might have saved the DAO from requiring to head to uncharted governance territory.”
6/
I really hope everybody may take away these training and realize that all the stakeholders truly did their finest within an unparalleled situation.— Joey ’s ERC-4626 (@joey__santoro) September 19, 2022
Following a hack, a $ten million bounty was provided to the online hackers however it never was disclosed when they responded.
