Fei Protocol founder proposes ghosting Tribe DAO following hack repayment
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, revealing the company’s intent to reimburse Fuze victims. It also details plans for asset redemption and the distribution of protocol-controlled value (PCV) assets that manage the liquidity and yield.
I hope this proposal resonates with the community and thank you for your support.https://t.co/RjpS9j4x2H
Members of the community questioned the lack of timelines and hard numbers within the proposal.
One of the members, onigiri, stated:
Fei Protocol previously offered the hacker a $10 million bounty for returning the $80 million worth of assets, which received no response from the hacker.
We are aware of an exploit on various Rari Fuse pools. We have identified the root cause and paused all borrowing to mitigate further damage.To the exploiter, please accept a $10m bounty and no questions asked if you return the remaining user funds.
While seeking a responsible direction that reduces risk, the protocol intends to defend the FEI peg without the need for governance. “Upon completion of this proposal, and irrespective of whether the individual pieces of it fail or succeed, Fei Labs will no longer be participating in the Tribe DAO,” read the proposal.
Related: BlueBenx fires employees, halts funds withdrawal citing $32M hack
On the positive side, Ethereum-based
Read more on cointelegraph.com
