TribeDAO Disbands
0x162F
August 25th, 2022

There's further turmoil for what was considered one of the hottest DeFi protocols in the market.  TribeDAO, which was mainly comprised of Rari Capital and Fei Protocol, has seen a fall from grace after the infamous $80m hack back in April.  Since then, information was revealed in how the hack might have happened (poor coding by inexperienced developers) and the DAO has made some questionable decisions in how they will repay users that lost money due to the exploit.  Most recently, a proposal was created by Fei/Rari that would essentially not pay out users, as was originally planned.  This caused an uproar in the community, and essentially sealed the fate for the troubled DAO.

I'm sad to see this happen.  The protocol I am currently working for has deep ties with TribeDAO, but has had to distance themselves since because of the poor management and decisions by key individuals in TribeDAO.  Although I do not wish anyone to be in this situation, what has happened has happened.  I do hope they eventually figure out a way to pay back their users, but that might be a lost cause at this point.  

Written by: nikethereum.eth / Medium / Mirror

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