{"id":486457,"date":"2022-08-20T13:35:00","date_gmt":"2022-08-20T10:35:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/fei-protocol-founder-proposes-ghosting-tribe-dao-following-hack-repayment\/"},"modified":"2022-08-20T13:35:00","modified_gmt":"2022-08-20T10:35:00","slug":"fei-protocol-founder-proposes-ghosting-tribe-dao-following-hack-repayment","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/fei-protocol-founder-proposes-ghosting-tribe-dao-following-hack-repayment\/","title":{"rendered":"# Fei Protocol founder proposes ghosting Tribe DAO following hack repayment"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a25455ca9cb5\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a25455ca9cb5\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/fei-protocol-founder-proposes-ghosting-tribe-dao-following-hack-repayment\/#%E2%80%9D_Fei_Protocol_founder_proposes_ghosting_Tribe_DAO_following_hack_repayment_%E2%80%9C\" >&#8221; Fei Protocol founder proposes ghosting Tribe DAO following hack repayment &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Fei_Protocol_founder_proposes_ghosting_Tribe_DAO_following_hack_repayment_%E2%80%9C\"><\/span>&#8221; Fei Protocol founder proposes ghosting Tribe DAO following hack repayment &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-28d77a7a>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\u2019 latest proposal, which partly recommends revoking participation from Tribe DAO, received mixed sentiments from the community.<\/p>\n<p>Fei Protocol founder Joey Santoro announced the latest <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/tribe.fei.money\/t\/tip-121-proposal-for-the-future-of-the-tribe-dao\/4475\">proposal<\/a>, TIP-121: Proposal for the future of the Tribe DAO, revealing the company\u2019s 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.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">I hope this proposal resonates with the community and thank you for your support.<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/RjpS9j4x2H\">https:\/\/t.co\/RjpS9j4x2H<\/a><\/p>\n<p>\u2014 Joey \u2019s ERC-4626 (@joey__santoro) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/joey__santoro\/status\/1560702418874089473?ref_src=twsrc%5Etfw\">August 19, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nMembers of the community questioned the lack of timelines and hard numbers within the proposal. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-08\/6d1b11b1-4862-475d-bb32-7e0b570fbd0f.png\"><figcaption style=\"text-align: center;\"><em>A snippet of the proposal TIP-121. Source:\u00a0tribe.fei.money<\/em><\/figcaption><\/figure>\n<p>One of the members, onigiri, stated:<\/p>\n<blockquote><p>\u201cI think trust has been broken, and I can\u2019t believe such vague proposal probably overlooked by an army of blood-thirsty lawyers will be in the users\u2019s favor.\u201d<\/p><\/blockquote>\n<p>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. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">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.<\/p>\n<p>To the exploiter, please accept a $10m bounty and no questions asked if you return the remaining user funds.<\/p>\n<p>\u2014 Fei Protocol (@feiprotocol) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/feiprotocol\/status\/1520344430242254849?ref_src=twsrc%5Etfw\">April 30, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>While seeking a responsible direction that reduces risk, the protocol intends to defend the FEI peg without the need for governance. \u201cUpon 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,\u201d read the proposal.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>BlueBenx fires employees, halts funds withdrawal citing $32M hack<\/em><\/strong><\/p>\n<p>On the positive side, Ethereum-based algorithmic stablecoin project Beanstalk Farms relaunched just four months after shutting down following a $77 million governance exploit.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Today, Beanstalk Farms is thrilled to announce that Beanstalk has been Unpaused on the one year anniversary of its initial deployment.<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/HxZmwWksZe\">https:\/\/t.co\/HxZmwWksZe<\/a><\/p>\n<p>\u2014 Beanstalk Farms (@BeanstalkFarms) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/BeanstalkFarms\/status\/1555968374814846976?ref_src=twsrc%5Etfw\">August 6, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>\u201cBeanstalk has come out on the other end of this ordeal stronger than ever. It is a testament to the creditworthiness of the protocol and its potential to help realize a permissionless future,\u201d said Publius, the developer group behind the BEAN stablecoin and protocol, speaking to Cointelegraph.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/fei-protocol-founder-proposes-ghosting-tribe-dao-following-hack-repayment\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Fei Protocol founder proposes ghosting Tribe DAO following hack repayment &#8220; 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\u2019 latest proposal, which partly recommends&#8230;<\/p>\n","protected":false},"author":1,"featured_media":486458,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDgvNzI3OGYwODUtMjk1Ni00Mjk5LTg2MjEtZTc5ZTA4ZDhmNjExLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,75186,116290,74868,81261,74882,117,7058,70944],"class_list":["post-486457","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-dao","tag-dao-attack","tag-defi","tag-global-crypto-community","tag-hacks","tag-business","tag-community","tag-hackers"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/486457","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=486457"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/486457\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/486458"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=486457"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=486457"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=486457"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}