After months of uncertainty, tribal Dao decentralized finance (DeFi) platform has voted to pay users affected by an $80 million exploit on Rari Capital’s liquidity pools.
After several rounds of voting and governance proposals, Trib Dao, which consists of Midas Capital, Rary Capital, Fei Protocol and Vault Protocol, made the decision on September 18th to fully refund the hacking victims.
Data from Tally, an on-chain voting platform, showed that 99% of those who voted were in favor and the proposal passed on September 20.
According to the description under the voting data, individual users are returned by FEI, while DAOs are paid by DAI. Users must sign a release disclaiming any liability.
FEI founder Joey Santoro said on Twitter that the payment will be made 24 hours after the vote is cast.
1/ Payment of Flying Fuse Hack is chained to pay victims in full within 24 hours.
This is a big moment in the final management decisions of Tribal DAO.
— Joey IRC-4626 (@joey__santoro) September 19, 2022
The total payout amount is 12.68 million FEI, which is trading at $0.97 at the time of writing, and 26.61 million DAI is trading at $1, according to data from CoinGecko.
It is one of the final administrative decisions of Clan Dao, who has announced plans to downsize.
In the year In their Aug. 20 proposal, they cited the “difficult macro environment” and “unique challenges such as the Rary Capital Fuse hack” as reasons for the decision.
“At this stage, the responsible choice for the DAO to consider is to abandon the protocol in a state that unnecessarily protects the administration of the FEI peg.”
The whole process of compensating the hacking victims is underway, with multiple rounds of snapshot token selections and chaining; However, no single solution has been finalized for the affected users.
On Twitter on September 20, Joey Santoro explained the challenges they all faced in coming up with a solution and hoped that other DAOs could learn from the incident.
Related: Diffie protocol shuts down months after Rari Fuse hack
“The big lesson here is that DAOs shouldn’t make these kinds of decisions after the fact. A clear priority policy, properly enforced on-chain, will save the DAO from venturing into uncharted governance territory.”
6/
I hope everyone takes these lessons and realizes that all stakeholders have truly done their best in an unprecedented situation.— Joey IRC-4626 (@joey__santoro) September 19, 2022
After the hack, a $10 million reward was offered to the hackers, but it was never disclosed if they responded.