Burn TRIBE mint FEI for the Fuse Exploit

Proposals
1

1, The community to evaluate and use as a guideline for dealing with the $80M hack on Fuse.

Note: the hack total includes approximately $30M of Tribe PCV deployments, so this discussion is essentially around the potential reimbursement of $50M, which are the remaining affected user and DAO funds.

2, The Tribe DAO are holding more than 130M Tribe, PRICE $0.36, potential $46.8M.

3, Create a new mechanism for burning TRIBE mint FEI and Burn TRIBE mint FEI for the Fuse Exploit.

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[There are a few advantages to immediate reimbursement from a technical and financial perspective.

  1. Without a reimbursement directly into the Fuse bad debt, those pools remain unusable.
  2. following from 1, the Tribe DAO’s net loss increases by an additional ~20m of unwithdrawable assets that would otherwise be collateralized by the other assets in the pool. If the pools remain bricked, borrowers won’t repay.](The Path Forward from the Fuse Exploit - #16 by joey)

Actually, should aslo take above two point into consider. Without reimbursement,need to suffer additional 20M lose, while otherwise could save 20M back

3

Can you share more details about the $20m?
If these $20m were not stolen then afaik it means that they are unborrowable assets. Why can’t the dao just withdraw then?

If the dao has outstanding debt, it can just repay the debt and withdraw in the same tx.

What is it I am missing here?

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I would suggest you also join the FEI’S discord, some good talks there.

Very helpful for us solve the current problem

1 Like
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Ah, I guess the hacker max borrowed everything he could, but there are $20m of real borrowers.

Still, those could get liquidated eventually (as the interest rate will spike) against their collateral. Maybe their collateral in not withdrawable, but I assume that if their collateral is not withdrawable then it would count as a bad debt.

Anw, currently don’t see much discussions about it in the general channel in discord.

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Minting tribe is hard, too complicated.

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“but I assume that if their collateral is not withdrawable then it would count as a bad debt.”, I do think it should not be consider as a bad debt, at least community did’t count it as bad debt yet, this could be solved by reimbursement, a win-win action.

Currently, the only bad debt is the money stolen by Hacker, which is 80M.