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Tribe DAO Proposes Repayment For Victims Of Rari’s $80 Million Attack

Tribe DAO Proposes Repayment For Victims Of Rari’s $80 Million Attack

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After the April hacking attack that affected many Tribe users, the Tribe DAO community has proposed a compensation.

The tribe is a decentralized autonomous organization (DAO) that manages three projects in the ecosystem. The tribe was born in 2021 when Fei protocol bought Rari Capital. The Tribe ecosystem uses a protocol known as Turbo liquidity accelerator (Tribe Turbo). Tribe Turbo allows DAOs to issue FEI tokens to select Fuse pools (a Rari product) for free.

On January 13, 2022, all of TRIBE’s liquidity was transferred to Fuse, but it caused the collapse of FEI and Tribe. In addition, the April hack cost the organization more than $80 million in funds across multiple Fuse pools. After the attack, Defi Protocol offered the hacker $10 million to return the funds, but received no response.

Platforms that close after failed recovery attempts

Tribe DAO has not recovered from the attack after the community voted on a proposal to disband the DAO. Passing the proposal would mean a partial refund of $16 million to affected users.

Babylon Finance, the decentralized finance protocol affected by the Rari Fuse hack, announced its shutdown after failed recovery attempts. Babylon Finance CEO Ramon Recuero explained the setbacks experienced by the platform in a tweet.

Recuero said the company lost $3.4 million in the attack, going from $30 million to $4 million. In addition, BABL, the original token of the Babylon protocol, suffered a drop in sentiment, falling from $20 to $6.

Tribe DAO has announced plans to shut down following final administrative fee decisions. Tribe DAO’s decision is due to a hacking attack and extreme conditions in the macro environment.

Tribe DAO votes for a full refund

After many votes and suggestions, Tribe DAO decided on September 18th to fully refund the hacked users. The refund proposal was implemented on September 20 after reviewing voting records. Voter data from Tally (the chain’s voting platform) showed that 99 percent of voters voted in favor of the proposal.

According to the voting data description, DAOs would be compensated in DIA, while individual users would be compensated in FEI. Fei founder Joey Santoro said the return would be made 24 hours after the vote was approved.

The total compensation is 26.61 million DAI ($1/DAI) and 12.68 million FEI ($0.97/FEI). The refund process is ongoing and will be voted on by chain and snapshot signal voting.

Joey Santoro explained their challenge a Tweet September 19. He encouraged other DAO ecosystems to learn from his experience. The CEO advised other DAOs not to dive into the domain without conducting adequate investigations and research.

The cryptocurrency market is down 1% | Source: Crypto Total Market Cap at TradingView.com
Featured image from Pixabay and chart from TradingView.com



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