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Fei turns around once more and pays off cryptocurrency hacking victims

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News Tech: The victims of the $80 million Fei Protocol attack have finally been compensated after months of conflicting signals.

A resounding 93 million of the 99 million votes were cast in favour by Olympus DAO, which suffered a $9 million loss in the April breach. One of the final decisions about governance that Fei’s Tribe DAO will make before being shut down was the vote.

This week’s release of Fei’s repayment strategy brings an erratic past several months to a close. The hacking protocol initially agreed to compensate the victims before deciding to simply provide partial compensation. Fei’s DAO ultimately decided to properly compensate victims after outrage.

Fei merged with lending protocol Rari Capital months prior to the Fuse lending protocol compromise. The relationship was a preview of what was to come in terms of insider governance at Fei.

Fei’s hand-waving over its post-hack voting shows how DAOs are not always permissionless, with internal developer teams occasionally in charge of governance and making centralised choices behind the scenes.

Prosperi remarked, “In the end, there is no protection when sh*t hits the fan and it’s about money. “The jungle rules once more.” Fortunately for those who were hacked by Fei, Fei’s team chose against exploiting the situation. Following backlash against Fei’s proposed partial refund scheme, another Snapshot vote in favour of full repayment was approved, and a fourth vote, which was approved and carried out on Monday, restored the lost monies.

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