Fei Protocol Founder Offers to Create Shadow Tribe DAO After Hack Reimbursement

Rebutting TIP-121, community members questioned the lack of specific timelines and numbers in the proposal.< /p> New

An attack in April 2022, which drained nearly $80 million from various Rari Fuse pools, forced decentralized finance (DeFi) platform Fei Protocol to come up with a solution that minimized damage to the ecosystem. Fei Labs' latest proposal, which recommends in part revoking Tribe DAO's participation, has received mixed feelings from the community.

Fei Protocol founder Joey Santoro announced the latest proposal, TIP-121: Proposal for the Future of the DAO Tribe, revealing the company's intent to reimburse Fuze victims. It also details asset buyback plans and protocol-controlled value (PCV) asset distribution that manage liquidity and yield.

I hope this proposal will resonate with the community and thank you for your support.https://t.co/RjpS9j4x2H

— Joey's ERC-4626 (@joey__santoro) August 19, 2022

Community members questioned the lack of concrete timelines and numbers in the proposal.

An excerpt from the TIP-121 proposal. Source: tribe.fei.money

One of the members, onigiri, said:

"I think the trust has been broken, and I can't believe that such a vague proposal, likely ignored by an army of bloodthirsty lawyers, is in favor of users."

Fei Protocol had previously offered the hacker a $10 million bounty for returning assets worth $80 million, which received no response from the hacker.

We are aware of an exploit on several Rari Fuse pools. We have identified the root cause...