The $80 million Rari Fuse pools hack has left the Tribe DAO community, a group of DeFi protocols that includes Fei Labs and Rari Capital, in a state of shock. And now that an on-chain vote in favor of full reimbursement was held on the blockchain, the community is finally making restitution to the victims.
Because of a “reentrance vulnerability”, attackers drained $80 million from Rari Capital’s liquidity pools in May.
Since then, a proposal submitted by Fei Labs founder Joey Santorohas has been considered. He proposed to dismantle the DAO by distributing its assets among current holders of TRIBE – the decentralized entity’s native token – while also compensating those affected by the hack.
The recent on-chain voting on platform Tally received 99% approval for 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” according to the poll.
The proposal included three major independent components: consolidation, Fuse hack victim payment, and final redemption.
End-users would be paid in FEI in exchange for cTokens from the affected Fuse pools. There would be a direct payment in DAI for the affected DAOs and smart contracts. The total payment amount is nearly 12.68M FEI and 26.61M DAI.
Following the vote, Fei Labs stated, “Final Redemption involves backing FEI 1:1 with DAI with zero fees, and allowing TRIBE holders to claim a pro-rata share of the remaining PCV.”
The forum discussion outlining which users and DAOs would be refunded included Babylon Finance, Olympus, Gnosis Safe, and Fuji DAO.
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The proposal is just a step forward following the announcement that Fei Protocol will mitigate the damage by partially withdrawing participation from Tribe DAO.
“Only a few governance decisions remain now for the Tribe DAO over the next couple weeks. I am looking forward to applying all of the experience gained from the Tribe DAO to help advance the mission of DeFi” Santoro tweeted.
