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Tribe DAO Proposes $157M Redemption Program to Distribute Crypto Assets to Token Holders and Rari Hack Victims.



Time:8/20/2022 12:37:18 PM

[Tribe DAO proposes a $157 million redemption plan to distribute encrypted assets to token holders and Rari hack victims] Jinse Finance reported that Tribe DAO has proposed a proposal to shut down its protocol operations. It is a roughly $157 million redemption program that distributes remaining assets controlled by The DAO to TRIBE holders and compensates victims of the Rari hack that occurred in April. Any approval will need to be in a future DAO vote by token holders. The redemption proposal will compensate the hack victims in this incident with the team’s 88.9 million unvested TRIBE tokens, which will release about $16 million to the victims. For TRIBE holders, the total amount of assets controlled by the DAO is approximately $141 million, which will be distributed proportionally.

On April 30, Rari Capital’s funding pool was attacked, worth approximately $80 million. (The Block)

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