Tribe DAO Votes to Compensate Victims of Rari Capital Exploit

Tribe DAO Votes to Compensate Victims of Rari Capital Exploit
  • DIY lending and borrowing technique Rari Capital had $80 million stolen.
  • TRIBE token holders were offered pro rata shares of the DAO’s assets.

The victims of the Rari Capital breach have come a long way, but it seems like their ordeal is finally over. Tribe DAO, the organization formed from the token merger of Rari Capital and Fei Protocol, declared that it will compensate the victims of the Rari breach.

After the DAO’s demise was disclosed, this suggestion is one possible next step. All of Tribe’s governance functions were also removed, and FEI was redeemed for DAI; TRIBE token holders were offered pro rata shares of the DAO’s assets, and FEI was redeemed for DAI.

Relief For Victims

The vote was held on the on-chain voting platform Tally, where it was reported that 99 percent of participants supported full compensation. A sum equal to the total amount taken by the hacker would be paid to people impacted by the Fuse Hack if this proposal is approved.

Since this issue has been put to a vote before, those who are impacted by the result may get a surprising feeling. DIY lending and borrowing technique Rari Capital had $80 million stolen from numerous liquidity pools in April 2022. Individuals as well as bigger DAOs were compromised. When the breach took place, the entities’ yield on deposits in each pool had already been stolen.

Maker DAO, a popular stablecoin, will be used to pay back individuals, while the algorithmic stablecoin FEI will be used to pay back DAOs. Babylon Finance, Olympus, and Fuji DAO were mentioned in the forum thread detailing which customers and DAOs will be repaid. After experiencing losses due to the attack, Babylon Finance decided to close its doors.

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