Tribe DAO finally votes to reimburse Rari hack victims

After months of uncertainty, the Tribe DAO which has announced plans to close down has finally voted to repay its users who were affected in the $80 million hack of Rari Capital’s liquidity pools.

The vote to repay the affected users is one of the final governance decisions for the Tribe DAO, which consists of Rari Capital, Midas Capital, Volt Protocol, and Fei Protocol.

The vote comes after several rounds of voting and governance proposals before the decision to vote for reimbursement was reached on September 18. The voting then took place on September 20.

On-chain voting platform Tally data shows that 99% of those who participated in the voting process were in favour of the proposal to reimburse the victims.

Repaying the Rari hack victims

According to the reimbursement proposal, individual victims will be paid back in FEI, while decentralized autonomous organizations (DAOs) will be paid in DAI. The Victims will however have to sign a message releasing any liability.

Fei’s founder Joey Santoro said via a tweet that the repayments would be made 24 hours after the vote was passed.

The total amount to be distributed among the Rari hack victims amounts to 12.68 million FEI tokens and 26.61 million DAI tokens. At press time, Fei USD (FEI) was trading at $0.9938 while DAI was trading at $1.00.

All Dutch and English crypto news!

Solar ‘Bazooka’ Bitcoin mine warms warehouse amid Europe’s energy crisis

It's another win for Bitcoin miners and the environment. A Dutch Bitcoiner has installed a Bitcoin (BTC) miner in a warehouse to replace the heating...

Korean police reportedly arrest first person involved in Terra collapse

After months of investigation without any single arrest and the main offender on the run teasing the enforcers on Twitter, South Korean police have reportedly...

Bitcoin fails to move towards the $21,368 resistance level: Will it dip soon?

Bitcoin has performed well over the last few days but has failed to surge past the resistance level above $21k. Bitcoin, the world's leading cryptocurrency, has...

Most cryptocurrencies are securities, says SEC’S Gary Gensler

Gary Gensler believes that most cryptocurrencies are securities and wants the SEC to regulate the market.   Gary Gensler, the Chairman of the United States Securities and...

Beste exchanges

Koop je crypto bij Bitvavo