After months of uncertainty, Tribe DAO has approved a vote to reimburse users affected by the $80 million exploit in the liquidity pools of decentralized finance (DeFi) platform Rari Capital.
After several rounds of voting and government proposals, Tribe DAO, made up of Midas Capital, Rari Capital, Fei Protocol, and Volt Protocol, made the decision to vote on Sunday with the intention of fully reimbursing hack victims.
Data from the on-chain voting platform Tally shows that 99% of those who voted were in favor and the proposal was executed on Tuesday.
Based on the description below the voting details, individual users will be paid back in Fei USD (FEI), while DAOs will be paid in Dai (DAI). Users would also have to sign a disclaimer.
Fei founder Joey Santoro said on Twitter that payment would be made 24 hours after approval of the vote.
1/ 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.
— Joey’s ERC-4626 (@joey__santoro) September 19, 2022
1/ Rari Fuse hack payment has gone on-chain to fully pay victims within 24 hours. This is a big moment in these final ruling decisions of the DAO Tribe.
The total payment amount is 12.68 million FEI, trading at USD 0.97 at the time of writing, and 26.61 million DAI, trading at $1, according to data from CoinGecko.
The vote has been one of the last government decisions of Tribe DAO, which has announced its liquidation plans.
In their August 20 proposal, they explained that the “challenging macro environment” and “specific challenges such as the Rari Capital Fuse hack” were factors influencing the decision.
“At this stage, a responsible option for the DAO to consider is to leave the protocol in a state that upholds FEI parity without the need to govern.”
The entire process of reimbursing victims of the hack has been underway, with several rounds of voting taking place through Snapshot and on-chain polls. However, neither ended in a resolution for affected users.
In a Twitter post on September 20, Joey Santoro explained the challenges they faced in reaching a solution, and hopes that other DAOs can learn from the incident.
He said: “The biggest lesson here is that DAOs shouldn’t have to make decisions like this after the fact. An explicit policy up front, ideally with on-chain enforcement, would have spared the DAO the need to venture into uncharted governance territory.”
6/
I hope everyone can take away these lessons and know that all of the stakeholders truly did their best in an unprecedented situation.— Joey’s ERC-4626 (@joey__santoro) September 19, 2022
6/ I hope that everyone can learn these lessons and know that all concerned really did their best in an unprecedented situation.
Following the hack, a $10 million bounty was offered to the hackers, but it was never revealed if they responded.
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