Tribe DAO Will Compensate Victims Of Rari Capital’s $80 Million Hack

Following several rounds of voting and governance proposals, Tribe DAO, the entity spawned from a token merger between Rari Capital and Fei Protocol, confirmed that it would repay victims of the Rari hack. Individual users will be paid in FEI, while DAOs will be paid in DAI.

After 3 rejections, this proposed vote by Tribe DAO finally reached a consensus decision on compensation for victims affected in the 80 million Rari Capital hack.

This proposal follows the Tribe DAO’s announcement of dissolution. Other components governance of the redemption included in FEI for DAI, TRIBE token holders pro-rata shares of the DAO’s assets, and removing all of Tribe’s powers.

According to on-chain voting platform Tally, where the vote was conducted, 99% of votes were in favor of full reimbursement.

“If passed, this proposal would issue a payment to those affected by the Fuse Hack corresponding to the full amount stolen by the hacker,” read the poll.

The poll wrote

Individual users will now be paid back in FEI, an algorithmic stablecoin, while DAOs will be paid in DAI, Maker DAO’s popular stablecoin.

The forum discussion outlining which users and DAOs would be refunded included Babylon Finance, Olympus, Fuji DAO. 

In April 2022, several liquidity funds on Rari Capital, a do-it-yourself lending and lending protocol, were robbed of $80 million. Individual users and larger DAOs were both affected by the breach.

Previously, Tribe DAO also received a lot of criticism from the community for repeatedly vetoing damages for users affected by the hack.

The proposal was ultimately succeeded by a chain vote with no veto, with the funds set to be reliably distributed in approximately 17 hours.

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