October 6, 2022

After months of uncertainty, Tribe DAO has passed a vote to repay affected users of an $80 million exploit on decentralized finance (DeFi) platform Rari Capital’s liquidity pools.

After several rounds of voting and governance proposals, The DAO Tribe, which consists of Midas Capital, Rari Capital, Fei Protocol and Volt Protocol, voted on September 18 with the intention of fully reimbursing the hacking costs.

Data from the Tally chain voting platform emissions that 99% of those who voted were in favor and the proposal was carried out on September 20.

According to the description below of the voting data, individual users will be refunded in FEI, while DAOs will be paid in DAI. Users would also have to sign a disclaimer.

Fei founder Joey Santoro said on Twitter that the payout would be made 24 hours after the vote passed.

The total payouts are 12.68 million FEI trading at $0.97 at the time of writing and 26.61 million DAI trading at $1, according to data from CoinGecko.

The vote was one of the final management decisions for the DAO Tribe, which announced plans to dissolve.

In their 20 Aug suggestionthey explained that the “challenging macro environment” and “specific challenges such as Rari Capital’s Fuse hack” were factors in the decision.

“At this stage, the responsible choice for the DAO’s consideration is to leave the protocol in a state that would defend the FEI connection without the need for governance.”

The entire process of reimbursing the victims of the hack is underway, with several rounds of voting through beacon polls and on-chain; however, none have resulted in a solution for affected users.

In a Twitter post on September 20, Joey Santoro explained the challenges everyone faced in finding a solution and hopes other DAOs can learn from this incident.

Related: DeFi protocol shuts down months after Rari Fuse hack

“The biggest lesson here is that DAOs shouldn’t make decisions like this after the fact. Explicit policy upfront, ideally with on-chain enforcement, would save DAOs from having to venture into uncharted governance territory.”

After the hack, a $10 million reward was offered to the hackers, but it was never announced if they responded.