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  • Writer's pictureKyle

Q&A: This AIP Aims To Make Bored Elon Whole After He Lost 39K $Ape In A Hack

The ApeCoin DAO is voting on an Ape Improvement Proposal this week that aims to make Bored Elon, a longtime Bored Ape Yacht Club member and ApeCoin DAO contributor, whole after he lost over 39,000 $Ape in a hack last year.

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.”

To find out more about the Rari Hack and AIP-221, the Bored Ape Gazette reached out to Bored Elon for an interview. Check it out below:

1.Tell me about yourself and how you got into the BAYC/ ApeCoin DAO?

“I've been in the BAYC ecosystem since May 2021! Started with 14 apes and currently still hold 6. All wearing Fez with an orange background. As someone who spends a lot of time within the realm of gaming, my interest has shifted dramatically to The Otherside and complementary games such as the recently announced Legend of the Mara. I currently am the cofounder of gaming curation platform @boredbox_.”

2. In a sentence or two can you explain what happened in the Rari Hack and how you lost 39K $Ape?

“Unfortunately the DeFI protocol Rari had a series of hacks where the system was drained of $80mm in supplied assets. Because funds were stolen, no one is incentivized to pay back their loans and collateral is essentially frozen forever.”

3. In general, should the ApeCoin DAO work to make holders whole after hacks?

“I think the DAO needs to look at hacks at a case by case basis. While I understand that some people don't want to approve the proposal as it may "set a precedent" for future proposals, I do believe that in certain cases it's worth being open to the discussion. In my own case, the hacked funds specifically was Apecoin, and I consider myself a long-time contributor the ecosystem who has and can continue to give back in different ways. While it is not the responsibility of course of the DAO to repay me or anyone else, I believe the positive PR coming from such a move will help attract new participants to the community.”

4. What would you like to say to people who may be against this AIP?

“I would strongly encourage people who have voted against the proposal to reach out to me personally to discuss the matter and get more details from me. I have nothing to hide. Additionally, I would encourage people to leave feedback in earlier rounds (Ideas/Draft) stage before things get to a vote and they simply drop a "no" vote.”

5. If passed what’s next for Bored Elon? What do you plan to do with the 39K $Ape?

“I will hold and stake the apecoin for a minimum of 1 year. Something I've been doing already!”

6. Do you have anything else you’d like to add or say?

“I would remind voters that the treasury is extremely large and finding ways to distribute funds to projects and people in the community is important. The current pace of approved Apecoin proposals is very slow and many people do not feel motivated to propose ideas because they've seen the high % of rejections. I would encourage voters to be a bit more flexible in reviewing AIPs.”

The window to vote on AIP-221 is currently open and $Ape holders have until next week, April 5th, to cast their coins.

The Bored Ape Gazette is working to bring you continued coverage of AIP-221. Stay tuned for updates!

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