{"investigation":{"slug":"fei-protocol","entity_name":"Fei Protocol","trust_score":22,"severity_base":null,"score_modifier":0,"confidence":0.87,"status":"published","content_type":"investigation","summary":"Fei Protocol was an algorithmic stablecoin project that launched in April 2021 with the largest DeFi genesis event in history at the time, raising approximately $1.3 billion in ETH, but whose novel 'direct incentive' peg mechanism immediately failed and trapped early participants with severe withdrawal penalties. After merging with Rari Capital to form Tribe DAO in December 2021, the combined protocol suffered an $80 million reentrancy exploit in April 2022 that precipitated a contentious governance crisis and the eventual dissolution of the DAO. Fei Labs and Rari Capital separately faced legal and regulatory consequences, including a class action securities settlement of $17.85 million and SEC charges against Rari Capital and its founders.","sections":[{"content":"Fei Protocol conducted its Token Genesis Event (TGE) from March 31 to April 3, 2021, collecting approximately 639,000 ETH — worth roughly $1.3 billion at the time — making it the largest DeFi launch by capital raised up to that point. The protocol was founded by Joey Santoro, Brianna Montgomery, and Sebastian Delgado of Fei Labs, Inc., and had raised $19 million in venture funding from Andreessen Horowitz (a16z), Framework Ventures, Coinbase Ventures, and AngelList co-founder Naval Ravikant, among others. Participants received FEI stablecoins and TRIBE governance tokens in exchange for their ETH contributions. The protocol's core innovation was a 'direct incentive' mechanism: rather than relying on arbitrage or collateral redemption to maintain the $1 peg, it applied a burn penalty to sellers when FEI traded below $1 and theoretically offered a mint rebate to buyers. Shortly after launch, the FEI peg broke, reaching an all-time low of approximately $0.71. A vulnerability was discovered in the rebate side of the incentive calculation, forcing the team to disable minting rewards — which in turn prevented the protocol's automated 'Peg Reweight' function from operating. With the penalty for selling FEI calculated as the square of the percentage distance from the peg, the effective cost to exit became prohibitive: at a price of $0.90, the burn penalty was estimated at approximately 100% of the transaction. Approximately 98% of TRIBE liquidity was concentrated in the TRIBE/FEI Uniswap pool, leaving participants with no practical exit route. Researcher Ryan Watkins of Messari observed that 'most people wanted to sell FEI back for ETH' but were effectively unable to do so without catastrophic losses. TRIBE's governance token fell approximately 30% from its launch price. The protocol eventually removed the direct incentive mechanism entirely in its V2 upgrade in October 2021, which made FEI redeemable one-to-one against Protocol Controlled Value (PCV) reserves.","heading":"Genesis Event and Launch Failure (April 2021)","sources":[{"url":"https://decrypt.co/63924/investment-round-fei-labs-raise-almost-1-3-billion","name":"Fei Labs Raised Almost $1.3 Billion for Decentralized Stablecoin — Decrypt","type":"news_article","credibility":2},{"url":"https://cointelegraph.com/news/fei-protocol-genesis-locks-up-1-billion-in-eth-but-lps-could-face-losses","name":"Fei Protocol genesis locks up $1 billion in ETH, but LPs could face losses — CoinTelegraph","type":"news_article","credibility":2},{"url":"https://cointelegraph.com/news/fei-labs-raises-639k-eth-in-genesis-event","name":"Fei Labs raises 639K ETH in genesis event — CoinTelegraph","type":"news_article","credibility":2},{"url":"https://www.coindesk.com/business/2021/03/08/coinbase-naval-framework-ventures-back-19m-raise-for-a-capital-efficient-stablecoin","name":"Coinbase, Naval, Framework Ventures Back $19M Raise — CoinDesk","type":"news_article","credibility":2},{"url":"https://www.halborn.com/blog/post/explained-the-fei-protocol-bug","name":"Explained: The Fei Protocol Bug (April 2021) — Halborn","type":"research","credibility":2},{"url":"https://rekt.news/fei-rekt","name":"Fei — REKT News","type":"news_article","credibility":2}],"severity":"high"},{"content":"Fei Protocol's central architectural concept was Protocol Controlled Value (PCV): unlike most stablecoins whose backing is held by individual users, the ETH raised in the genesis event was controlled directly by the protocol's smart contracts and deployed as liquidity. At its peak, PCV reached approximately $1.2 billion. The model was intended to eliminate the 'bank run' failure mode present in fractionally-backed or pure algorithmic designs, since the protocol — not individual holders — controlled the reserves. However, the concentration of that ETH in Uniswap liquidity pools meant participants could not freely withdraw their original contributions. When the peg mechanism failed and the community sought a resolution, this structural design became a central point of contention: the PCV reserves were technically sufficient to make affected users whole, but doing so required a governance decision. The V2 upgrade in October 2021 replaced the flawed direct incentive system with direct FEI-to-PCV redemptions at $1.00, partially addressing the liquidity trap. By early 2022, PCV was tracking in the $500–800 million range as ETH prices declined from their late-2021 highs. The Terra/LUNA collapse in May 2022 further eroded PCV to an estimated low of $350 million, underscoring the protocol's exposure to broader crypto market conditions.","heading":"Protocol Controlled Value Model and V2 Redesign","sources":[{"url":"https://cointelegraph.com/news/cointelegraph-consulting-the-post-genesis-state-of-the-fei-protocol","name":"Cointelegraph Consulting: The post-genesis state of the Fei Protocol","type":"news_article","credibility":2},{"url":"https://messari.io/report/state-of-fei-q1-2022","name":"State of Fei Protocol Q1 2022 — Messari","type":"research","credibility":2},{"url":"https://docs.fei.money/protocol/protocol-controlled-value","name":"Tribe DAO Docs — Protocol Controlled Value","type":"official","credibility":2}],"severity":"medium"},{"content":"In November 2021, Joey Santoro (Fei co-founder) and Jai Bhavnani (Rari Capital co-founder) jointly proposed a merger of their two protocols. Rari Capital operated Fuse, a platform allowing permissionless creation of customizable lending pools, and FEI was already the largest single asset by total value locked in Fuse pools. The rationale was that combining Fei's PCV treasury with Rari's lending infrastructure under one governance umbrella would allow the combined entity to deploy more powerful DeFi products. Rari's governance token (RGT) was to be exchangeable for TRIBE at a rate of 1 RGT = 26.7 TRIBE. The proposal received overwhelming support: 90% of TRIBE voters and 93% of RGT voters approved. On December 21, 2021, CoinDesk reported that both communities had formally ratified the merger, creating Tribe DAO with combined assets estimated at over $2 billion. As part of the merger terms, Fei Protocol assumed Rari Capital's outstanding liability from a prior $10.6 million hack in May 2021, in which an attacker had manipulated the value of Alpha Finance's ibETH token to drain Rari's Ethereum pool. The merger was widely cited as a landmark example of on-chain M&A in DeFi, but it also transferred Rari's security and governance risks directly onto Fei's PCV.","heading":"Merger with Rari Capital and Formation of Tribe DAO (December 2021)","sources":[{"url":"https://www.coindesk.com/tech/2021/12/21/rari-capital-fei-protocol-token-holders-approve-multibillion-dollar-defi-merger","name":"Rari Capital, Fei Protocol Token Holders Approve Multibillion-Dollar DeFi Merger — CoinDesk","type":"news_article","credibility":1},{"url":"https://thedefiant.io/news/defi/rari-capital-fei-merger","name":"Fei Protocol Merges With Rari Capital To Create $2B Liquidity Player — The Defiant","type":"news_article","credibility":2},{"url":"https://blockworks.co/news/a-match-made-in-defi-rari-capital-and-fei-protocol-merge-to-feirari","name":"A Match Made in DeFi: Rari Capital and Fei Protocol Merge to 'FeiRari' — Blockworks","type":"news_article","credibility":2},{"url":"https://www.halborn.com/blog/post/explained-the-rari-capital-hack-may-2021","name":"Explained: The Rari Capital Hack (May 2021) — Halborn","type":"research","credibility":2}],"severity":"medium"},{"content":"On April 30, 2022, an attacker exploited a reentrancy vulnerability across multiple Rari Capital Fuse lending pools, draining approximately $79.3 million — widely rounded to $80 million — in what became one of the largest DeFi hacks of 2022. The attack exploited the fact that the Fuse contracts' exitMarket() function was not protected against reentrant calls even when a global reentrancy lock was nominally active. Blockchain security firm BlockSec and other analysts characterized it as a 'classic reentrancy attack' — a category of vulnerability in which a malicious contract calls back into the victim contract before the first execution completes, allowing the attacker to drain funds in excess of their actual balance. The same class of vulnerability had previously been used against other forks of the Compound protocol. Rari Capital responded by pausing all global borrowing across Fuse pools to prevent further losses. Fei Protocol publicly offered the attacker a $10 million 'no questions asked' bounty for the return of remaining funds; this offer was not accepted, and subsequent on-chain analysis indicated that the stolen ETH began flowing through the Tornado Cash mixer. The hack left several of the largest Fuse pools — including those used by institutional-scale DeFi participants — with irrecoverable bad debt. Security firm Certik published a post-incident analysis confirming the reentrancy vector. This was Rari Capital's second major exploit, following the $10.6 million attack in May 2021.","heading":"$80 Million Rari Fuse Exploit (April 2022)","sources":[{"url":"https://www.coindesk.com/business/2022/04/30/defi-lender-rari-capitalfei-loses-80m-in-hack","name":"DeFi Lender Rari Capital/Fei Loses $80M in Hack — CoinDesk","type":"news_article","credibility":1},{"url":"https://www.theblock.co/linked/144511/hackers-steal-80-million-from-rari-capitals-lending-pools","name":"Hacker steals $80 million from Rari Capital's Fuse lending pools — The Block","type":"news_article","credibility":1},{"url":"https://beincrypto.com/fei-protocol-and-rari-capital-lose-80-million-dollars-in-pool-hack/","name":"Fei Protocol and Rari Capital Pools Hit By $80 Million Hack — BeInCrypto","type":"news_article","credibility":2},{"url":"https://www.certik.com/resources/blog/6LiXVtPQ8q5AQfqOUPnTOS-revisiting-fei-protocol-incident","name":"Revisiting FEI Protocol Incident — CertiK","type":"research","credibility":2},{"url":"https://immunebytes.com/blog/rari-capital-re-entrancy-attack-april-2022-detailed-analysis/","name":"Rari Capital Re-entrancy Attack — April 2022 — Detailed Analysis — ImmuneByes","type":"research","credibility":2},{"url":"https://decrypt.co/99103/fei-protocol-offers-10m-bounty-after-80m-rari-capital-exploit","name":"Fei Protocol Offers $10M Bounty After $80M Rari Capital Exploit — Decrypt","type":"news_article","credibility":2}],"severity":"critical"},{"content":"The Rari Fuse hack precipitated a protracted and acrimonious governance dispute within Tribe DAO. In May 2022, a non-binding Snapshot vote passed with approximately 75% support to use Tribe DAO's PCV treasury to fully reimburse affected users. A subsequent binding governance proposal to execute the repayment was then vetoed, with Jack Longarzo (a Rari/Tribe DAO member) arguing the original vote was insufficiently specific about implementation. The debate continued through the summer of 2022, drawing industry-wide criticism and prompting competing proposals from large affected creditors — including Frax Protocol and Olympus DAO, the latter of which allegedly offered bribes to TRIBE holders who delegated voting power to support full repayment. On August 19, 2022, Fei Labs submitted a proposal to formally dissolve Tribe DAO, citing 'the challenging macro environment' and 'specific challenges such as Rari Capital's Fuse hack' as motivating factors. The wind-down comprised three components: asset consolidation, a Fuse hack victim reimbursement, and a final pro-rata distribution of remaining PCV to TRIBE holders. On September 19, 2022, a final on-chain vote recorded 99% approval for full reimbursement of hack victims. Execution occurred on September 20, 2022, distributing approximately 26.61 million DAI to affected DAOs and 12.68 million FEI to individual users. The wind-down allowed FEI holders to redeem tokens for DAI and ended all active governance. The CoinMarketCap Academy and multiple analysts cited Tribe DAO's dissolution as a case study in the dangers of on-chain governance when financial interests are sharply misaligned.","heading":"Tribe DAO Governance Crisis and Wind-Down (2022)","sources":[{"url":"https://cointelegraph.com/news/tribe-dao-votes-in-favor-of-repaying-victims-of-80m-rari-hack","name":"Tribe DAO votes in favor of repaying victims of $80M Rari hack — CoinTelegraph","type":"news_article","credibility":2},{"url":"https://protos.com/tribe-kills-dao-overrules-vote-to-pay-crypto-debt/","name":"Tribe kills DAO, overrules vote to pay crypto debt — Protos","type":"news_article","credibility":2},{"url":"https://decrypt.co/110102/tribe-dao-votes-repay-rari-capital-hack-victims-again","name":"Tribe DAO Votes to Repay Rari Capital Hack Victims — Again — Decrypt","type":"news_article","credibility":2},{"url":"https://www.theblock.co/post/164611/tribe-dao-proposes-a-157-million-redemption-for-token-holders-rari-hack-victims","name":"Tribe DAO proposes a $157 million redemption for token holders, Rari hack victims — The Block","type":"news_article","credibility":1},{"url":"https://coinmarketcap.com/academy/article/the-fei-fuse-nightmare-a-wake-up-call-for-improved-dao-governance","name":"The Fei-Fuse Nightmare: A Wake-up Call for Improved DAO Governance — CoinMarketCap Academy","type":"news_article","credibility":2},{"url":"https://www.ar.ca/blog/the-disingenuous-tribe-dao-liquidation-exemplifies-a-governance-farce","name":"The Disingenuous TRIBE DAO Liquidation Exemplifies a Governance Farce — ar.ca","type":"other","credibility":2}],"severity":"high"},{"content":"A class action lawsuit was filed in the Superior Court of California, County of San Francisco, alleging that the sale of FEI and TRIBE tokens during the Genesis Event constituted the unregistered sale of securities in violation of the Securities Act of 1933. Named defendants included Fei Labs, Inc., co-founder and CEO Joey Santoro, Brianna Montgomery, and Sebastian Delgado. The proposed class covered all persons who purchased FEI or TRIBE tokens directly from the protocol between March 31 and April 3, 2021, including those who pre-swapped FEI for TRIBE. The lawsuit alleged that defendants failed to comply with the registration requirements of federal securities law. A $17.85 million settlement fund was agreed to by the parties; defendants denied all wrongdoing and the court made no finding of liability. The Superior Court issued a final approval order on October 27, 2023. After deduction of approximately $4.5 million in attorneys' fees, administration costs, and taxes, the net fund available to class members was estimated at a minimum of $13 million. San Francisco courts also separately ordered the seizure of Fei Protocol's Discord server as part of the litigation proceedings, a notable early example of courts asserting jurisdiction over web3-native communication infrastructure.","heading":"Securities Class Action (2021–2023)","sources":[{"url":"https://www.prnewswire.com/news-releases/if-you-purchased-fei-or-tribe-tokens-in-the-genesis-event-between-march-31-2021-and-april-3-2021-a-class-action-settlement-may-affect-your-rights-301871446.html","name":"FEI/TRIBE Genesis Securities Settlement press release — PR Newswire","type":"regulatory","credibility":1},{"url":"https://www.hgtlaw.com/news/hgt-law-defeats-demurrer-in-fei/tribe-securities-class-action-m9gye-72grc","name":"HGT Law Obtains Final Approval of Settlement in FEI/TRIBE Tokens Securities Class Action","type":"court_filing","credibility":1},{"url":"https://thedefiant.io/fei-protocol-discord-seized-by-san-francisco-court-amid-securities-suit","name":"Fei Protocol's Discord Seized By San Francisco Court Amid Class Action Suit — The Defiant","type":"news_article","credibility":2},{"url":"https://www.feitribesecuritiessettlement.com/","name":"Official settlement website — FEI/TRIBE Securities Settlement","type":"court_filing","credibility":1}],"severity":"high"},{"content":"On September 18, 2024, the SEC announced settled charges against Rari Capital and its three co-founders — Jai Bhavnani, Jack Lipstone, and David Lucid — for misleading investors and operating as unregistered brokers. The charges centered on two Rari Capital products: Earn pools (which the SEC alleged falsely claimed to automatically rebalance into the highest-earning crypto investments) and Fuse pools (the same permissionless lending pools that had been central to the Tribe DAO merger and the April 2022 exploit). The SEC also filed a separate order against Rari Capital Infrastructure LLC, the successor entity that assumed control of Fuse operations in March 2022, charging it with unregistered securities offerings and unregistered broker activity that continued after the Tribe DAO merger. The settlement was reached without admissions or denials of the SEC's findings. Settlement terms included permanent injunctions, a five-year ban on the three co-founders serving as officers or directors of any company, and civil penalties subject to court approval. The enforcement action was notable for asserting that permissionless DeFi lending pool interests constituted securities and that the facilitation of such pools without registration constituted broker-dealer activity.","heading":"SEC Enforcement Action Against Rari Capital (2024)","sources":[{"url":"https://www.sec.gov/newsroom/press-releases/2024-138","name":"SEC Charges DeFi Platform Rari Capital and its Founders With Misleading Investors and Acting as Unregistered Brokers — SEC.gov","type":"regulatory","credibility":1},{"url":"https://cryptobriefing.com/sec-rari-capital-settlement/","name":"SEC charges Rari Capital and co-founders over unregistered securities — Crypto Briefing","type":"news_article","credibility":2},{"url":"https://thedefiant.io/news/regulation/rari-capital-settles-with-sec-over-unregistered-offerings","name":"Rari Capital Settles With SEC Over Unregistered Offerings — The Defiant","type":"news_article","credibility":2},{"url":"https://blockworks.com/news/sec-settlement-rari-capital-unregistered-broker","name":"DeFi startup Rari Capital settles with the SEC — Blockworks","type":"news_article","credibility":2}],"severity":"critical"}],"timeline":[{"date":"2021-03-08","event":"Fei Labs announces $19 million seed round led by Andreessen Horowitz, with participation from Framework Ventures, Coinbase Ventures, and Naval Ravikant.","source":"CoinDesk","source_url":"https://www.coindesk.com/business/2021/03/08/coinbase-naval-framework-ventures-back-19m-raise-for-a-capital-efficient-stablecoin"},{"date":"2021-03-31","event":"Fei Protocol Token Genesis Event opens. Participants contribute ETH to receive FEI stablecoins and TRIBE governance tokens.","source":"CoinTelegraph","source_url":"https://cointelegraph.com/news/fei-labs-raises-639k-eth-in-genesis-event"},{"date":"2021-04-03","event":"Genesis Event closes having collected approximately 639,000 ETH (~$1.3 billion), the largest DeFi genesis at the time. FEI immediately loses its $1 peg.","source":"Decrypt","source_url":"https://decrypt.co/63924/investment-round-fei-labs-raise-almost-1-3-billion"},{"date":"2021-04-07","event":"FEI peg reaches an all-time low of approximately $0.71. A vulnerability in the direct incentive rebate mechanism is discovered and minting rewards are disabled, trapping users.","source":"Halborn","source_url":"https://www.halborn.com/blog/post/explained-the-fei-protocol-bug"},{"date":"2021-05-08","event":"Rari Capital suffers its first major hack: approximately $10.6–$15 million is drained from its Ethereum pool via a manipulation of Alpha Finance's ibETH token valuation.","source":"Halborn","source_url":"https://www.halborn.com/blog/post/explained-the-rari-capital-hack-may-2021"},{"date":"2021-10","event":"Fei Protocol launches V2, removing the flawed direct incentive mechanism and enabling FEI redemption at $1.00 against PCV reserves.","source":"Crypto Briefing","source_url":"https://cryptobriefing.com/fei-has-achieved-price-stability-after-initial-failure/","date_original":"2021-10-01"},{"date":"2021-11-16","event":"Fei co-founder Joey Santoro and Rari co-founder Jai Bhavnani jointly propose a merger of Fei Protocol and Rari Capital into Tribe DAO.","source":"Blockworks","source_url":"https://blockworks.co/news/a-match-made-in-defi-rari-capital-and-fei-protocol-merge-to-feirari"},{"date":"2021-12-21","event":"Tribe DAO merger formally approved: 90% of TRIBE holders and 93% of RGT holders vote in favor. Combined assets estimated at over $2 billion.","source":"CoinDesk","source_url":"https://www.coindesk.com/tech/2021/12/21/rari-capital-fei-protocol-token-holders-approve-multibillion-dollar-defi-merger"},{"date":"2022-04-30","event":"Rari Capital Fuse pools exploited via reentrancy attack; approximately $79.3 million (~$80 million) drained. Fei Protocol pauses all Fuse borrowing and offers attacker a $10 million bounty.","source":"CoinDesk","source_url":"https://www.coindesk.com/business/2022/04/30/defi-lender-rari-capitalfei-loses-80m-in-hack"},{"date":"2022-05","event":"Non-binding Snapshot vote passes with ~75% approval to use Tribe DAO PCV to fully repay Fuse hack victims. Stolen funds begin flowing through Tornado Cash.","source":"CoinTelegraph","source_url":"https://cointelegraph.com/news/tribe-dao-votes-in-favor-of-repaying-victims-of-80m-rari-hack","date_original":"2022-05-01"},{"date":"2022-08-19","event":"Fei Labs submits formal proposal to wind down Tribe DAO, citing macro conditions and the Fuse hack.","source":"Protos","source_url":"https://protos.com/tribe-kills-dao-overrules-vote-to-pay-crypto-debt/"},{"date":"2022-09-19","event":"Tribe DAO on-chain vote records 99% approval for full reimbursement of Fuse hack victims. Execution occurs September 20: 26.61 million DAI and 12.68 million FEI distributed.","source":"Decrypt","source_url":"https://decrypt.co/110102/tribe-dao-votes-repay-rari-capital-hack-victims-again"},{"date":"2023-10-27","event":"Superior Court of California, San Francisco County, grants final approval of $17.85 million class action settlement over alleged sale of unregistered FEI and TRIBE securities during the Genesis Event.","source":"PR Newswire","source_url":"https://www.prnewswire.com/news-releases/if-you-purchased-fei-or-tribe-tokens-in-the-genesis-event-between-march-31-2021-and-april-3-2021-a-class-action-settlement-may-affect-your-rights-301871446.html"},{"date":"2024-09-18","event":"SEC announces settled charges against Rari Capital, co-founders Jai Bhavnani, Jack Lipstone, and David Lucid, and successor entity Rari Capital Infrastructure LLC for misleading investors and operating as unregistered brokers. Co-founders receive five-year officer-and-director bars.","source":"SEC.gov","source_url":"https://www.sec.gov/newsroom/press-releases/2024-138"}],"sources_used":[{"url":"https://decrypt.co/63924/investment-round-fei-labs-raise-almost-1-3-billion","name":"Fei Labs Raised Almost $1.3 Billion for Decentralized Stablecoin — Decrypt","type":"news_article","archive_url":"http://web.archive.org/web/20260212185909/https://decrypt.co/63924/investment-round-fei-labs-raise-almost-1-3-billion","credibility":2,"archive_timestamp":"2026-02-12T18:59:09+00:00"},{"url":"https://cointelegraph.com/news/fei-protocol-genesis-locks-up-1-billion-in-eth-but-lps-could-face-losses","name":"Fei Protocol genesis locks up $1 billion in ETH, but LPs could face losses — CoinTelegraph","type":"news_article","archive_url":"http://web.archive.org/web/20260122161346/https://cointelegraph.com/news/fei-protocol-genesis-locks-up-1-billion-in-eth-but-lps-could-face-losses","credibility":2,"archive_timestamp":"2026-01-22T16:13:46+00:00"},{"url":"https://cointelegraph.com/news/fei-labs-raises-639k-eth-in-genesis-event","name":"Fei Labs raises 639K ETH in genesis event — CoinTelegraph","type":"news_article","archive_url":"http://web.archive.org/web/20260207011132/https://cointelegraph.com/news/fei-labs-raises-639k-eth-in-genesis-event","credibility":2,"archive_timestamp":"2026-02-07T01:11:32+00:00"},{"url":"https://www.coindesk.com/business/2021/03/08/coinbase-naval-framework-ventures-back-19m-raise-for-a-capital-efficient-stablecoin","name":"Coinbase, Naval, Framework Ventures Back $19M Raise — CoinDesk","type":"news_article","archive_url":"http://web.archive.org/web/20260412133138/https://www.coindesk.com/business/2021/03/08/coinbase-naval-framework-ventures-back-19m-raise-for-a-capital-efficient-stablecoin","credibility":1,"archive_timestamp":"2026-04-12T13:31:38+00:00"},{"url":"https://www.halborn.com/blog/post/explained-the-fei-protocol-bug","name":"Explained: The Fei Protocol Bug (April 2021) — Halborn","type":"research","archive_url":"http://web.archive.org/web/20251108065943/https://www.halborn.com/blog/post/explained-the-fei-protocol-bug","credibility":2,"archive_timestamp":"2025-11-08T06:59:43+00:00"},{"url":"https://www.halborn.com/blog/post/explained-the-rari-capital-hack-may-2021","name":"Explained: The Rari Capital Hack (May 2021) — Halborn","type":"research","archive_url":"http://web.archive.org/web/20260513013507/https://www.halborn.com/blog/post/explained-the-rari-capital-hack-may-2021","credibility":2,"archive_timestamp":"2026-05-13T01:35:07+00:00"},{"url":"https://rekt.news/fei-rekt","name":"Fei — REKT News","type":"news_article","archive_url":"http://web.archive.org/web/20250808201017/https://rekt.news/fei-rekt","credibility":2,"archive_timestamp":"2025-08-08T20:10:17+00:00"},{"url":"https://www.coindesk.com/tech/2021/12/21/rari-capital-fei-protocol-token-holders-approve-multibillion-dollar-defi-merger","name":"Rari Capital, Fei Protocol Token Holders Approve Multibillion-Dollar DeFi Merger — 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