There is an Ape Improvement Proposal on the ballot this week that aims to make Bored Ape Yacht Club member and ApeCoin DAO contributor Bored Elon whole after he lost over 39,000 $Ape in a hack.
AIP-221 titled “Resubmission: Request to make Bored.eth whole from Rari Hack and frozen collateral,” is an ecosystem allocation fund proposal written by Bored Elon.
“Because the Rari Hack resulted in the draining of reserves, all loans are underwater, and users are no longer able to withdraw funds from loaned funds due to no fault of the author,” Bored Elon wrote. “Given that reality, the proposal seeks to rescue author with 39,170 Apecoin, the amount currently frozen in the Rari Fuse system.”
Further in AIP-221, Bored Elon explained that Rari Capital, a protocol that let users lend, borrow and earn yield on every asset they held, was hacked in 2022 and the system lost $80 Million USD worth of crypto. “One of the “Fuse” pools within the Rari Platform which allowed collateralization of ApeCoin, Pool 127, was among the many that were compromised," Bored Elon explained.
In AIP-221, Bored Elon Asked the Apecoin DAO community to make him whole by sending him the 39,170 $Ape that he lost in the hack. "This relatively low cost action would help deploy Apecoin treasury reserves in a meaningful way that would create significant goodwill for the community and generate positive PR around the strength of the DAO," Bored Elon wrote.
The window to vote on AIP-221 opened last night and $Ape holders have until next week, April 5th, to cast their coins.
Users can read Bored Elon’s full proposal here: https://forum.apecoin.com/t/aip-99-rescue-rari-hack-victims-with-frozen-apecoin-collateral-in-fuse-protocol/8100
The Bored Ape Gazette is working to bring you continued coverage of AIP-221. Stay tuned for updates!