Sunday, December 4, 2022
 

Rari Hack Victims to Share in Tribe DAO $157M Redemption Scheme

  • Tribe DAO has suggested an approximately $157 million redemption plan to disperse any remaining DAO-controlled assets to TRIBE holders.
  • Victims of the Rari hack early this year will also be reimbursed.
  • In April this year, Rari Capital was hacked for more than $80 million in crypto assets held within its Fuse lending pools.

Tribe DAO, a community of four decentralized finance protocols, has announced plans to close its doors and transfer cryptocurrency to token holders and anyone harmed by the $80 million Rari attack earlier this year as part of a multi-million dollar redemption scheme.

This information was captured in an announcement called “Proposal for the future of the Tribe DAO” by TribeFeiMoney on August 19, 2022.

Tribe DAO, which last year completed the largest DeFi merger in history by acquiring Rari, has suggested an approximately $157 million redemption plan to disperse any remaining DAO-controlled assets to TRIBE holders and recompense Rari hack victims.

Rari Capital, a protocol that lets users design unique borrowing and lending markets for different assets, saw seven of its fuse pools draining for almost $80M in an attack on April 30. The redemption plan would transfer the teams’ 88.9 million unvested TRIBE tokens, around $16 million, to victims as compensation for the hacking event.

The DAO-controlled assets are estimated to be worth $141 million and would be allocated among TRIBE holders proportionally. According to the proposal, the present global macro climate, the Rari breach, and potential regulatory issues are the driving forces for Tribe DAO’s decision. 

“Any mounting technical, financial, and future regulatory risks could cause the project to be far worse off than it is now,” the proposal read. 

The plan consists of three parts: consolidation (of DAO funds), compensation for victims of the fuse breach, and complete redemption. There will be separate, independent snapshots for each component.

“The purpose of the snapshots is to determine which parts of the proposal to include in the on-chain vote(s), and whether to adjust or change any pieces,” the proposer Fei Labs stated.

  • Tribe DAO has suggested an approximately $157 million redemption plan to disperse any remaining DAO-controlled assets to TRIBE holders.
  • Victims of the Rari hack early this year will also be reimbursed.
  • In April this year, Rari Capital was hacked for more than $80 million in crypto assets held within its Fuse lending pools.

Tribe DAO, a community of four decentralized finance protocols, has announced plans to close its doors and transfer cryptocurrency to token holders and anyone harmed by the $80 million Rari attack earlier this year as part of a multi-million dollar redemption scheme.

This information was captured in an announcement called “Proposal for the future of the Tribe DAO” by TribeFeiMoney on August 19, 2022.

Tribe DAO, which last year completed the largest DeFi merger in history by acquiring Rari, has suggested an approximately $157 million redemption plan to disperse any remaining DAO-controlled assets to TRIBE holders and recompense Rari hack victims.

Rari Capital, a protocol that lets users design unique borrowing and lending markets for different assets, saw seven of its fuse pools draining for almost $80M in an attack on April 30. The redemption plan would transfer the teams’ 88.9 million unvested TRIBE tokens, around $16 million, to victims as compensation for the hacking event.

The DAO-controlled assets are estimated to be worth $141 million and would be allocated among TRIBE holders proportionally. According to the proposal, the present global macro climate, the Rari breach, and potential regulatory issues are the driving forces for Tribe DAO’s decision. 

“Any mounting technical, financial, and future regulatory risks could cause the project to be far worse off than it is now,” the proposal read. 

The plan consists of three parts: consolidation (of DAO funds), compensation for victims of the fuse breach, and complete redemption. There will be separate, independent snapshots for each component.

“The purpose of the snapshots is to determine which parts of the proposal to include in the on-chain vote(s), and whether to adjust or change any pieces,” the proposer Fei Labs stated.

 

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