TribeDAO Holds Fourth Vote To Repay Rari Capital Hack Victims
Members of TribeDAO, a DeFi megaDAO with Rari Capital as a part of its ecosystem, have agreed to return all monies to affected customers in the wake of yet another exploit that cost Rari Capital upwards of $80 million in May.
After the hack, there had been four elections in a row, although this one was slightly different from the others.
With 99% in favor and 1% against, the motion was approved. The fact that this is the fourth vote on the idea raises questions about whether the decision will actually provide relief for people who are impacted.
The first vote, which was held not long after Rari Capital’s lending pools were breached, was similarly resoundingly in favor of compensating individuals harmed. Market conditions at the time were still largely solid, and Rari apparently had more than enough money to compensate victims without suffering a significant loss.
Sadly, summer overtook spring and captured a sizable portion of the cryptocurrency market, forcing those in charge of the protocol governance to have a second vote, thereby nullifying the first.
The payout method to be employed, according to Jack Longarzo of Rari and TribeDAO, was “unclear,” therefore he swiftly vetoed this second. Soon after, the idea was rejected once more in a third vote.
After another vote, this one without the option of a veto, which started on September 16 and finished on September 20, the decision to repay was unanimous.
Partner criticism of the Veto – TribeDAO
The voting process has caused worry amongst supporters of the protocol. Sam Kazemian – the founder of FRAX, a project aligned with TribeDAO and one of the DAOs’ earliest supporters, took to Twitter to express his dissatisfaction with the procedure in detail.
“An honorable, ethical, & respectable shutdown of a DAO is literally perfectly here. The money is there. The full repayment, the perfect peg redemption, & moral precedent is possible. I truly don’t understand how it’s possible to look at this and then decide, “Na let’s take the rest.”
It remains to be seen if this will be the final vote, after which the victims will finally be repaid – or if there are still more shenanigans on the horizon.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Annie
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TribeDAO Holds Fourth Vote To Repay Rari Capital Hack Victims
Members of TribeDAO, a DeFi megaDAO with Rari Capital as a part of its ecosystem, have agreed to return all monies to affected customers in the wake of yet another exploit that cost Rari Capital upwards of $80 million in May.
After the hack, there had been four elections in a row, although this one was slightly different from the others.
With 99% in favor and 1% against, the motion was approved. The fact that this is the fourth vote on the idea raises questions about whether the decision will actually provide relief for people who are impacted.
The first vote, which was held not long after Rari Capital’s lending pools were breached, was similarly resoundingly in favor of compensating individuals harmed. Market conditions at the time were still largely solid, and Rari apparently had more than enough money to compensate victims without suffering a significant loss.
Sadly, summer overtook spring and captured a sizable portion of the cryptocurrency market, forcing those in charge of the protocol governance to have a second vote, thereby nullifying the first.
The payout method to be employed, according to Jack Longarzo of Rari and TribeDAO, was “unclear,” therefore he swiftly vetoed this second. Soon after, the idea was rejected once more in a third vote.
After another vote, this one without the option of a veto, which started on September 16 and finished on September 20, the decision to repay was unanimous.
Partner criticism of the Veto – TribeDAO
The voting process has caused worry amongst supporters of the protocol. Sam Kazemian – the founder of FRAX, a project aligned with TribeDAO and one of the DAOs’ earliest supporters, took to Twitter to express his dissatisfaction with the procedure in detail.
“An honorable, ethical, & respectable shutdown of a DAO is literally perfectly here. The money is there. The full repayment, the perfect peg redemption, & moral precedent is possible. I truly don’t understand how it’s possible to look at this and then decide, “Na let’s take the rest.”
It remains to be seen if this will be the final vote, after which the victims will finally be repaid – or if there are still more shenanigans on the horizon.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Annie
CoinCu News
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