DeFi platform Oasis to block wallet addresses deemed at-risk

August 11, 2022 Amy Jimenez

A new Discord post by the community on Thursday stated that Oasis.app, a decentralized finance platform, has said that only approved addresses will be allowed to access its application. Due to the changes to the terms and service, wallets deemed high-risk are no longer allowed to use Oasis.app for managing positions or withdrawing funds. These users will need to interact with Oasis.app directly or use another service.

Gabriel, a member of Oasis.app, explained the decision:

“We recently had to revise the Terms of Service of the Oasis.app front end to ensure compliance with the applicable laws and regulations. Oasis.app now has updated Terms of Service in accordance with the most recent regulations. Oasis.app functionality will not be accessible to any sanctioned addresses.

Oasis raised a $6 million Series B in 2020 and has since grown to be a popular platform for DeFi borrowing. In the last 30 days, Oasis has processed $4.6 Billion in transactions and managed $3.42 Billion in deposits.

It is unclear at the time of publication which tools Oasis uses to identify wallets that are high-risk. Similar to Oasis’s decentralized exchange, Uniswap has recently begun to block wallets allegedly linked to illicit activities using TRM Labs data. TRM Labs assists entities in detecting and investigating crypto-related financial crimes via on-chain analysis. Oasis has received mostly negative feedback about its new measure. One Discord user, Eagles#2541, claims:

“I am actually just interacting only with Oasis using an account that has been exposed to Tornado Cash. I cannot reproduce the problem that others are experiencing. It’s possible that the team is incompetent or has used a wide net that leaves a lot of holes. It appears https://t.co/S7tb5tREIC, following Uniswap, has started sending all your data to TRM Labs. This is what happens when you are connected to an address that they don’t like. There is no way to close positions in the UI. pic.twitter.com/n2ocN8jQTq
— banteg (@bantg), August 11, 2022

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Amy Jimenez

Amy Jimenez– Services My name is Amy Jimenez, and I am the main writer behind the" allthetopnews.com" for the ground-breaking and most fragile bits of knowledge into the most recent news in the services sector. I began my voyage of work as an autonomous investment advisor. I had around 4 years of involvement in this field. I am a free soul so; my energy for investigating the world has taken me to the countries over the globe and allowed me to report for a part of the best news affiliations. At present, I am a full-time manager as experienced in the account and began to utilize my capacities.