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Kazemian claims that the FEI/TRIBE DAO had millions in excess reserves back then to repay the victims and opted to look the other way. There's CeFi drama stuff, but this is a new low for DeFi. Please read this for one of the most egregious "DAO/DeFi" situations I've ever seen. I can't stand to not speak up about this situation. In a long Twitter thread, the crypto enthusiast stated that his firm lost $13 million in the incident and that Santoro went silent after the initial proposal to make victims whole was vetoed by Fei Labs. Sam Kazemian, the founder of Frax Finance – one of the victims of the Fuse hack – has been particularly vocal and presented several arguments against TIP-121. Founder of Frax Finance Slams Santoro’s Proposal Many other users also demanded further explanations in regards to the math that led to Santoro’s estimations of how much the DAO has in Protocol Controlled Value (PCV) as, for some, the numbers just don’t appear to add up. In addition, the user emphasized that Fei Labs also backed down on a previously approved proposal to make the victims of the Fuse hack whole and it is now proposing a “degraded” version of the same scheme.
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A user named “onigiri” was the first to respond to the so-called TIP-121 by stating that there was evidence of insider trading before the proposal was brought up. Santoro’s proposal has not been embraced positively by the community as reflected by the comments made by members of the DAO and TRIBE holders. The Tribe DAO Community is Not Necessarily Happy with TIP-121 The value of these tokens at the moment this is written is approximately $11.4 million, meaning that, if approved, the proposal would not make the victims whole. In addition, the DeFi entrepreneur also proposed that the Tribe DAO should compensate victims of the Fuse hack by distributing 57 million TRIBE tokens that are currently in possession of the DAO’s treasury.
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In total, Santoro’s estimations point to a total of $157 million to be distributed among TRIBE holders in proportion to the number of tokens they hold.Īlso read: How to Earn Interest on Stablecoins? Anchor Protocol Alternatives The DAO reportedly holds approximately 72,000 ETH and stETH tokens with an estimated value of $113 million along with 18.7 million in LUSD and other minor positions. In response to this situation, Santoro is proposing to dismantle the DAO by distributing its assets among current holders of TRIBE – the native token of the decentralized entity – while also reimbursing those who were affected by the hack.