DeFi Platform Fei Protocol’s Founder Devises Ghosting Tribe DAO

Thailand-Based DeFi Platform Raises $5 Million in Seed Funding
  • Fei Protocol offered the hacker $10 million in exchange for the restoration.
  • The agreement strives to protect the FEI peg without the requirement for governance.

To mitigate the effects of an assault in April 2022 that syphoned out approximately $80 million from several Rari Fuse pools, the DeFi platform Fei Protocol devised a countermeasure. The community’s reaction to Fei Labs’ current proposal was varied, despite the fact that it partially proposes withdrawing membership from Tribe DAO.

Aims to Protect the FEI Peg

Joey Santoro, the founder of Fei Protocol, has made public the company’s intention to compensate Fuze victims by announcing proposal TIP-121: Proposal for the future of the Tribe DAO. Plans for asset redemption and the distribution of protocol-controlled value (PCV) assets, which regulate liquidity and yield, are also laid out in this document.

Although Fei Protocol offered the hacker $10 million in exchange for the restoration of the $80 million in assets, the hacker never responded.

The agreement strives to protect the FEI peg without the requirement for governance while also pursuing a reasonable approach that decreases risk. Fei Labs “upon completion of this proposal, and irrespective of whether the individual pieces of it fail or succeed, Fei Labs will no longer be participating in the Tribe DAO,” the proposal said.

On the other hand, bears have made a strong comeback. Almost all cryptocurrencies are trading in the red. The rising wedge collapse that has been sparked by Bitcoin’s price drop this week suggests more losses for the cryptocurrency in the weeks to come.

According to CMC, the Bitcoin price today is $21,220.55 USD with a 24-hour trading volume of $29,139,545,180 USD. Bitcoin is down 0.86% in the last 24 hours.

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An engineering graduate who is passionate about writing and loves the very existence of crypto. Trading forex currency keeps me busy when I am not writing and analysing the crypto world.