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- Tribe DAO announced that the entity decided to pay back the Rari hack victims.
- 99% of votes are in favor of returning the hacked assets.
- Funds are going to be redistributed to the victims within 24 hours.
Tribe DAO, a token merger of Rari Capital and Fei Protocol, took the decision to grant the hacked assets to the users of the platform. It took several protocols and administration proposals to accept the deal.
The data released by Tally, an on-chain voting platform shows that 99% of voters are in favor of returning the assets while 1 % were against paying them back. And it stated that the entity decided to pay via a direct payment method for the pretentious DAOs and smart contracts. The total payable amount is 12.68M FEI and 26.61M DAI. Individual customers are going to be paid back in FEI and DEO is going to be paid back in DAI. And the proposal included payback in Babylon Finance, Olympus, and Fusi DAO.
“If a proposal is passed, the entity will issue a payment to those who were affected by the Fuse Hack corresponding to the full amount stolen by the hacker.”
Recently, the Rari capital DeFi platform was targeted by hackers, stealing $80 million worth of crypto. The DeFi stablecoin “Fei” has contributed some liquidity to the Rari capital pools. At the time of exploitation, Fei announced that it would pay a $10 million bounty to the hackers until they returned the stolen assets.
At the time of the collaboration with Fei, Rari capital decided to create Fuse pools that everyone who has a wallet can access to lend or borrow the ERC-20 tokens from any platform.
Fei stated that “We are aware of an exploit on various Rari fuse pools. We have identified the root cause and paused all borrowing to mitigate further damage.”
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
