TribeDAO Holds Vote to Repay Rari Capital Hack Victims for the Fourth Time

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In the wake of yet anoth­er exploit back in May, which cost Rari Cap­i­tal upwards of $80 mil­lion, mem­bers of TribeDAO – a DeFi megaDAO that has Rari Cap­i­tal as a part of its ecosys­tem – have vot­ed to restore all funds to affect­ed users.

This was the fourth con­sec­u­tive vot­ing after the hack, but it was slight­ly dif­fer­ent than the pre­vi­ous ones.

Last in a Series of Votes

The vote passed with 99% in favor of the pro­pos­al and 1% against it. How­ev­er, this is the 4th time the pro­pos­al has been vot­ed on, which casts doubt whether the out­come will bring relief to those affected.

The first vote, which took place short­ly after the hack tore into Rari Capital’s lend­ing pools, was also over­whelm­ing­ly in favor of a pay­out to those affect­ed. At the time, mar­kets were still some­what sta­ble, and Rari report­ed­ly had more than enough to repay vic­tims with­out tak­ing too big of a hit.

Unfor­tu­nate­ly, spring made way for sum­mer and took a large share of the cryp­to mar­ket, prompt­ing those in charge of the pro­to­col gov­er­nance to hold a sec­ond vote, effec­tive­ly annulling the pre­vi­ous one.

This sec­ond was prompt­ly vetoed by Jack Lon­gar­zo of Rari and TribeDAO, alleged­ly due to the pay­out method to be used being “unclear.” A third vote was held short­ly after, and the pro­pos­al was again denied.

Now, after anoth­er, which began on the 16th of Sep­tem­ber and end­ed on the 20th – this time with no veto capa­bil­i­ty – the vote came back resound­ing­ly in favor of reimbursement.

Veto Draws Criticism From Partners

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.

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