Tribe DAO Proposes Repayment For Victims Of Rari’s $80 Million Attack
Following an April hack attack that affected many Tribe users, the Tribe DAO community has proposed compensation. The tribe is a decentralized autonomous organization (DAO) that controls three projects in the ecosystem. The tribe was launched in 2021 when Fei protocol acquired Rari Capital. The Tribe ecosystem runs a protocol known as the Turbo liquidity […]
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Refuting TIP-121, members of the community questioned the lack of timelines and hard numbers within the proposal. An attack in April 2022, which drained off nearly $80 million from various Rari Fuse pools, required the decentralized finance (DeFi) platform Fei Protocol to come up with a solution that minimizes damage to the ecosystem. Fei Labs’ latest proposal, which partly recommends revoking participation from Tribe DAO, received mixed sentiments from the community.Fei Protocol founder Joey Santoro announced the latest proposal, TIP-121: Proposal for the future of the Tribe DAO,....
The vote to reimburse users affected by the hack was one of the final governance decisions for Tribe DAO which has announced plans to wind down. After months of uncertainty, the Tribe DAO has passed a vote to repay affected users of the $80 million exploit on decentralized finance (DeFi) platform Rari Capital's liquidity pools.Following several rounds of voting and governance proposals, Tribe DAO, which consists of Midas Capital, Rari Capital, Fei Protocol and Volt Protocol, took the decision to a vote on Sept. 18 with the intent to fully reimburse hack victims.Data from on-chain voting....
Notorious online black market Silk Road 2.0 lost roughly 4,476 BTC (then roughly $2.6m) early this February when its security was compromised in a transaction malleability attack. However, the repayment plan it subsequently implemented is already seeing success, a new report from Vice suggests. The media outlet indicates that 50% of the site's hacking victims have been completely repaid as of 8th April. Announced on 17th February, Silk Road 2.0's repayment plan sought to reimburse the estimated 47% of its users that lost bitcoins in the breach. To refund the accounts, Silk Road 2.0....
The Mt. Gox hack was a watershed moment for bitcoin. And the future repayment to the affected people will surely be another one. Since we’re in a bear market, most people worry about what effect will those 140K BTC will have on the price. Will the Mt. Gox class prove to be holders or will they sell it all as soon as they get it? That’s a question for another day, since the Mt. Gox class has until January 10th, 2023, to complete registration and select their preferred payment method. Related Reading: Mt Gox Gets Approval To Return 141,686 To Victims Affected In 2014 Hack The last time we....
Up to $26 million worth of Rari’s governance token may be distributed among users impacted by a hack that drained $10 million from the protocol this past weekend. Following a $10 million exploit over the weekend, decentralized finance protocol Rari Capital is formulating a plan to compensate victims.According to an official postmortem of the attack published May 9, the platform lost 2,600 ETH equal to 60% of all users’ funds in its Rari Capital Ethereum Pool. Rari automates yield farming by rebalancing users' funds and pools.On May 10, Rari founder Jai Bhavnani posted an update revealing....