Founder Fei Protocol Suggests Paying Tribe DAO Back For The Hack

The decentralized finance (DeFi) platform Fei Protocol was forced to develop a response that minimizes harm to the ecosystem after an attack in April 2022 that siphoned off almost $80 million from several Rari Fuse pools. Community reaction to Fei Labs’ most recent proposal, which calls for partially removing Tribe DAO’s involvement, was ambivalent.

Joey Santoro, the founder of Fei Protocol, revealed the plan to compensate Fuze victims in the company’s most recent proposal, TIP-121: Proposal for the Future of the Tribe DAO. Plans for asset redemption and the distribution of assets with protocol-controlled value (PCV) that govern yield are also covered in detail.

Members of the community questioned the lack of timelines and hard numbers within the proposal.

One of the members, onigiri, stated:

“I think trust has been broken, and I can’t believe such vague proposal probably overlooked by an army of blood-thirsty lawyers will be in the users’s favor.”

Fei Protocol had earlier given the hacker a $10 million reward for returning the assets worth $80 million

The agreement seeks a prudent course that lowers risk while aiming to defend the FEI peg without the requirement for control. The plan said that Fei Labs will stop taking part in the Tribe DAO after it was finished, regardless of whether or not its component parts were successful.

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