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Wednesday, September 28, 2022

DeFi Platforms Like Oasis Can Block The Wallet Addresses Deemed

Users claim that their sessions were terminated while using purportedly high-risk wallets to communicate with Oasis.

Decentralized finance (DeFi) system Oasis. The app claims that sanctioned accounts can no longer access the service in a new community Discord post published on Thursday. The modification to the service’s terms prevents wallets marked as high risk from managing positions or withdrawing cash using the App. Such a class of users must engage directly with the pertinent underlying protocols where funds are held.

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In 2020, Oasis raised a $6 million Series A, cementing its position as a well-liked network for DeFi lending and borrowing. The protocol now oversees $3.42 billion in deposits and has processed $4.6 billion in transactions over the last 30 days.

At the point of publication, it is not immediately evident what tools the app is utilizing to pinpoint high-risk wallets. Decentralized exchange (DEX) Uniswap has started blocking wallets purportedly linked to illegal activity by leveraging data from TRM Labs, similar to Oasis. TRM Labs uses on-chain analysis to assist organizations in identifying and looking into financial wrongdoing related to cryptocurrencies.

Oasis Close To Block Some Wallet Address: 

In 2020, Oasis acquired a six million dollar Series A, according to information from Cointelegraph, to assure DeFi purchasing and lending. In the past 30 days, the protocol has handled $4.6 billion in transactions and $3.42 billion in contributions. Their tools to identify wallets have not yet been determined to be at high risk. Additionally, using information from TRM Labs, the decentralized exchange Uniswap recently started to forbid wallets linked to illegal activity. TRM Labs uses on-chain analysis to assist various agencies in identifying and investigating financial crimes related to cryptocurrencies.

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