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Tribe DAO all set to launch TIP-121 proposal to recompense theft victims : Fei Protocol founder

The decentralised financial (DeFi) platform Fei Protocol had to come up with a strategy that minimises harm to the ecosystem in response to an April 2022 attack that emptied approximately $80 million from a number of Rari Fuse pools.

The latest proposal, TIP-121: Proposal for the Future of the Tribe DAO, which disclosed the business’s intention to recompense Fuze victims, was announced by Joey Santoro, the founder of Fei Protocol on August 20. It also outlines strategies for the distribution of assets with protocol-driven value (PCV) that control returns and liquidity.

Tribe DAO has just offered to address refund-related complaints. In order to pay 88.9 million uninvested TRIBE and $16 million for hacking victims, they are currently consulting a plan. The whole assets handled by the DAO, which total about $ 141 million, will be divided pro rata among TRIBE holders.

According to the proposal, the Tribe DAO’s aforementioned action was motivated by the international socioeconomic situation, the Rari breach, and potential regulatory risks.

“The proposal consists of 3 elements: consolidation (DAO assets), payment of victims of hacks and redemption of tokens. Each part will have an independent snapshot. The function of this is to identify which portion of the proposal really should be a topic to chain voting and irrespective of whether any portion really should be modified or modified. “

The merge portion will be the subject of the first snapshot, which will be taken on August 22. The proposal also mentions that any advancement may take one to two months to cascade following the snapshot.

Tribe-Fei was accused of being a “DAO dictator” and faced harsh criticism after suggesting to “cease to recompense users for damages” back in the crunch time of June with the project, shortly after handling the drama with the Rari Capital employees and risking dissolution.

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