Wednesday, March 22, 2023
MetaWeb3
Subscribe
  • Home
  • About Us
  • Listings
    • ICO List
    • IDO List
  • Web3 Events
    • Events List
    • Events by Month
    • Web3 Calendar
  • News
  • Blog
    • Blog
    • Press Release
  • Contact
    Home / News / Tribe DAO approves of repaying victims of the $80M Rari hack
BTC/USD
  • BTC/USD
  • XRP/USD
  • BCH/USD
  • EOS/USD
  • LTC/USD
  • TRX/USD
  • ADA/USD
  • XLM/USD
  • IOT/USD
  • ABC/USD
  • NEO/USD
  • XMR/USD
  • DASH/USD
  • XEM/USD
  • QTUM/USD
  • BCN/USD
  • ICX/USD
  • ZEC/USD
  • LSK/USD
  • IOST/USD
Low
High
Marketcap
News
September 22, 2022 by admin
Share this:
  • Facebook
  • Twitter
  • Google Plus
  • Pinterest
  • Email to a Friend

Tribe DAO approves of repaying victims of the $80M Rari hack

Tribe DAO Rari Capital

The vote to reimburse customers affected by the theft was one of the final governance choices for Tribe DAO, which has announced intentions to wind down.

After months of uncertainty, the Tribe DAO has voted to reimburse affected users of the $80 million exploit on the liquidity pools of decentralized finance (DeFi) platform Rari Capital.

Following numerous rounds of voting and governance suggestions, Tribe DAO, composed of Midas Capital, Rari Capital, Fei Protocol, and Volt Protocol, put the decision to a vote on September 18 with the intention of completely compensating hack victims.

According to data from the on-chain voting tool Tally, 99% of those who voted were in favor, and the proposal was implemented on September 20.

Individual users will be rewarded in FEI while DAOs will be paid in DAI, according to the description behind the voting data. Users would also be required to sign a message relieving them from any liability.

On Twitter, Fei’s creator, Joey Santoro, stated that the payment would be made 24 hours after 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

According to CoinGecko data, the entire payment amount is 12.68 million FEI, which is currently priced at $0.97, and 26.61 million DAI, which is currently trading at $1.

The vote was one of the last governance decisions for Tribe DAO, which has announced its intention to wind down.

The “difficult macro climate” and “particular challenges like Rari Capital’s Fuse hack,” they noted in their Aug. 20 proposal, were all considerations in the decision.

“At this point, the DAO should contemplate leaving the protocol in a position that would defend the FEI peg without the requirement for governance.”

The process of reimbursing victims of the hack has been ongoing, with numerous rounds of voting via snapshot signaling polls and on-chain. However, none of these has resulted in a resolution for affected users.

In a Sept. 20 Twitter post, Joey Santoro outlined the difficulties they all had in coming up with a solution in the hopes that other DAOs can learn from the situation.

“The most important takeaway here is that DAOs should not be forced to make decisions like this after the fact.” A stated upfront policy, ideally with on-chain enforcement, would have prevented the DAO from entering a new governance area.

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

Following the incident, the hackers were offered a $10 million bounty, although it was never revealed whether they reacted.

newsNFT
Previous Post
Anshul Rustaggi explains why India is still largely unexplored for NFTs.
Next Post
Web3 technology may revolutionize the travel sector.

Related Posts

Top Crypto Exchanges
News
Top 10 Crypto Exchanges and Platforms for 2023
February 28, 2023 by admin
Tokenizing the Titanic
News
Tokenizing the Titanic: New Partnership Brings Real Artifacts from Wreckage to NFT Market
February 24, 2023 by admin
Hong Kong Crypto Trading
News
Crypto Hub in the Making: Hong Kong Pushes Forward with Plans for Retail Crypto Trading
February 23, 2023 by admin
ICO Calendar
May 16, 2018
CoinLion

Exchange & portfolio management

View All ICOs
Advertisement
Advertisement
Most Read
  • How To Bring Virtual Fashion Into The Mainstream
  • Poppy Playtime NFT and the controversy latest updates
  • Metaverse Summit: The first women-led Web3 conference to take place in Paris
  • What is Cryptocurrency, and how does it work?
  • How To Build A Web3 Community
Latest
Top Crypto Exchanges
News
Top 10 Crypto Exchanges and Platforms for 2023
28 February, 2023
Tokenizing the Titanic
News
Tokenizing the Titanic: New Partnership Brings Real Artifacts from Wreckage to NFT Market
24 February, 2023
Hong Kong Crypto Trading
News
Crypto Hub in the Making: Hong Kong Pushes Forward with Plans for Retail Crypto Trading
23 February, 2023
Categories
  • Blockchain
  • Blockchain Game
  • Crypto
  • dApp
  • DeFi
  • Metaverse
  • News
  • NFT
  • PR
Calendar
March 2023
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
2728293031  
« Feb    
MetaWeb3
  • Write for Us
  • Terms & Conditions
  • Privacy Policy
  • Contact
  • Web3 Calendar
About

MetaWeb3.tech is an online media site that focuses on Fintech, digital assets, blockchain technology, Decentralized Finance (Defi), Decentralized Apps (DApps), Metaverse, Crypto Games and other related technologies, covering news, opinions, trends, and informative articles.

Contact Us

Categories
  • Blockchain
  • Blockchain Game
  • Crypto
  • dApp
  • DeFi
  • Metaverse
  • News
  • NFT
  • PR
Newsletter Subscription
Connect With Us
Copyright © 2019 MetaWeb3 Tech. All Rights Reserved.