Triple DAO passes vote for indemnification of $80 million Rari hack-based victims | The Financial Express

Triple DAO passes vote for indemnification of $80 million Rari hack-based victims

According to Cointelegraph, post rounds of voting and governance, Tribe DAO, which consists of Midas Capital, Rari Capital, Fei protocol and Volt protocol, made the decision to a vote on September 18, with the aim to indemnify hack victims

Triple DAO passes vote for indemnification of $80 million Rari hack-based victims
Through Tribe DAO’s August proposal, they provided emphasis on the macro environment implications and challenges such as Rari Capital’s fuse hack were all factors in the decision

Tribe DAO has authorised the vote needed to repay users who have been affected by the $80 million exploit on decentralised finance (DeFi) platform Rari Capital’s liquidity pools, as reported by Cointelegraph.

According to Cointelegraph, post rounds of voting and governance, Tribe DAO, which consists of Midas Capital, Rari Capital, Fei protocol and Volt protocol, made the decision to a vote on September 18, with the aim to indemnify hack victims. Insights from on-chain voting platform Tally has shown that 99% of those who voted were in favour of the proposal. As per the description underneath the voting data, individual users will receive payments back in FEI, while decentralised autonomous organisations (DAOs) will be paid in DAI. Joey Santoro, founder, FEI, stated that the payment would take place 24 hours post the passing of the vote. 

On the basis of information by Cointelegraph, total payment amount is 12.68 million FEI which is reportedly being traded at $0.97 at the time of the publication’s writing and 26.61 million DAI which is trading at one dollar, as per data from CoinGecko. Through Tribe DAO’s August proposal, they provided emphasis on the macro environment implications and challenges such as Rari Capital’s fuse hack were all factors in the decision. 

“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,” Tribe DAO stated. 

Moreover, Cointelegraph noted that through a Twitter post, Santoro explained the challenges he faced with regard to devising a solution, for DAOs to also learn from the incident.

“The 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,” Santoro stated in a tweet.

(With insights from Cointelegraph)

Also Read: Cryptocurrency platform Binocs clocks four million dollars through seed funding

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