Cryptocurrency Platform Announces It Will Pay Back 157 Million Dollars To Hacking Victims!

Terminate Tribe DAO activities and cryptocurrency took action to reimburse the victims of the hacking incident.

The organization is giving crypto assets to token holders and the $80 million dollars raised earlier this year. rari He outlined a multimillion-dollar compensation plan to distribute to those affected by the hack.

Cryptocurrency Organization Tribe DAO to Pay $157M to TRIBE Holders and Hack Victims

Tribe DAO, which acquired Rari in the largest DeFi merger of all time last year, has proposed a roughly $157 million plan to distribute the assets it controls to TRIBE holders and to compensate victims of the Rari hack that occurred in April.

Rari Capital, a protocol that allows users to create private borrowing and lending markets for various assets, was the victim of an $80 million hack on April 30.

The reimbursement offer will compensate victims of the hack with the team’s 88.9 million TRIBE tokens and distribute approximately $16 million to the victims.

The developer team’s vesting period for these tokens ended on July 1.

For TRIBE holders, DAO-controlled assets total approximately $141 million and will be prorated.

“Increased technical, financial and future regulatory risks could cause the project to be in a much worse shape than it is now,” the proposal said.

The proposal consists of three components: consolidation of DAO assets, payment to fuse hack victims, and finally, the final refund. Each component will have its own independent snapshot.

Fei Labs, the owner of the proposal, said:

“The purpose of snapshots is to determine which parts of the proposal will be included in the on-chain voting and which parts will be adjusted or changed.”

*Not investment advice.