The End of Tribe DAO

In April 2022, Rari Capital and Fei Protocol were victims of a hack which saw over $80 million stolen from individuals and DAOs who were earning yield on the platform.

• Five months and several rounds of voting and governance proposals later, Tribe DAO has confirmed that it would finally repay victims of the Rari hack.
• This is just one of many proposals made following Tribe DAO’s announced dissolution. Other key components of the dissolution included redeeming FEI to DAI, offering TRIBE token holders pro-rata shares of the DAO’s assets, and removing all of Tribe’s governance powers.
• Over 99% of votes were in favour of full reimbursement according to the on-chain voting platform Tally where the vote took place.
• The poll reads, “if passed, this proposal would issue a payment to those affected by the Fuse Hack“ and stated that victims of the hack would be reimbursed an amount equal to the full amount stolen.
• A FeiLabs forum post shares the contract addresses of victims who will receive a refund. Babylon Finance, which recently ended operations, appears on the list, having suffered losses from the hack.

While it’s hard to see any silver lining in such a cloudy event, at least some progress is being made toward making amends.