Here’s some Good News for Rari Capital Hack Victims

Here’s some Good News for Rari Capital Hack Victims

Tribe DAO finally passed a resolution promising to repay its victims who succumbed to the Rari hack. Following several voting rounds and alternative proposals, Tribe Dao, a conglomeration of Midas Capital, Rari Capital, Fei Protocol, and Volt Protocol, is all set to address to the victims on a promising note.

The Rari Hack

Two well-known Decentralized Finance (DeFi) platforms, Fei Protocol and Rari Capital suffered one of the largest hacks in the blockchain industry in April 2022.

The hack was estimated to cost $180 million, affecting several users and investors. According to a Twitter post, Rari Capital claimed the attack on Rari Fuse Pool owing to its reentrancy vulnerability. Though such attacks are not new for Rari Capital, the hack did stir considerable fear and anxiety among people.

The previous attack on the DeFi platform cost it $11 million in Ether. However, a loss of $80 million created additional havoc.

Tribe DAO's Voting Stats

The voting statistics Tribe DAO indicate that 99% of the voters voted in favor of fully reimbursing the victims of the Rari hack.

Tribe DAO promised to pay the users in Fei and DAO in DAI. Joey Santoro, the CEO of FEI announced the release of payments after the votes. Hence, victims of the Rari hack are expected to receive their lost dues within the same time frame.

The CEO also mentioned the challenging blockchain environment and the Rari hack as major causes of the users' loss. the Tribe DAO also stated:

However, as a responsible platform, it sought to resolve the existing issues through a multiple-round voting system. The voting results finally worked in favor of the victims, which is an important message to other platforms. No wonder Tribe DAO kept up the users' expectations and is all set to replace what they lost.

Related Stories

No stories found.
Voice Of Crypto
voiceofcrypto.online