After months of uncertainty, the Tribe DAO has handed a vote to repay affected customers of the $80 million exploit on decentralized finance (DeFi) platform Rari Capital’s liquidity swimming pools.

Following a number of rounds of voting and governance proposals, Tribe DAO, which consists of Midas Capital, Rari Capital, Fei Protocol and Volt Protocol, took the choice to a vote on Sept. 18 with the intent to totally reimburse hack victims.

Data from on-chain voting platform Tally reveals that 99% of those that voted had been in favor and the proposal was executed on Sept. 20.

According to the outline beneath the voting information, particular person customers shall be paid again in FEI, whereas DAOs shall be paid in DAI. Users would additionally must signal a message releasing any legal responsibility.

Fei’s founder Joey Santoro on Twitter stated the fee could be made 24 hours after the passing of the vote. 

1/ The Rari Fuse Hack Payment has handed on-chain to FULLY pay the victims in 24 hours.

This is an enormous second in these last governance selections of the Tribe DAO.

— Joey ’s ERC-4626 (@joey__santoro) September 19, 2022

The complete fee quantity is 12.68 million FEI which is buying and selling at $0.97 on the time of writing and 26.61 million DAI which is buying and selling at $1, in response to information from CoinGecko.  

The vote was one of the ultimate governance selections for Tribe DAO which has introduced plans to wind down.

In their Aug. 20 proposal, they defined the “challenging macro environment” and “specific challenges such as Rari Capital’s Fuse hack” had been all components in the choice.

“At this stage, a responsible choice for the DAO to consider is leaving the protocol in a state which would defend the FEI peg without the need for governance.”

The complete course of of reimbursing victims of the hack has been ongoing, with a number of rounds of voting by snapshot signaling polls and on-chain; nevertheless, none ended in a decision for affected customers.

In a Sept. 20 Twitter put up Joey Santoro defined the challenges all of them confronted in arising with an answer and hopes that different DAOs can study from the incident.

Related: DeFi protocol shuts down months after the Rari Fuse hack

“The biggest lesson here is that DAOs should not have to make decisions like this after the fact. An explicit upfront policy, ideally with on-chain enforcement, would have saved the DAO from needing to venture into uncharted governance territory.”

I hope everybody can take away these classes and know that every one of the stakeholders actually did their finest in an unprecedented scenario.

— Joey ’s ERC-4626 (@joey__santoro) September 19, 2022

Following the hack, a $10 million bounty was supplied to the hackers however it was by no means disclosed in the event that they responded.


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