DeFi Oasis platform will block wallet addresses deemed risky

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According to a new Discord group set up Thursday, decentralized financial platform Oasis.app says sanctioned addresses will no longer be able to access the application. Due to the changed terms of service, wallets flagged as high risk are prohibited from using Oasis.app to manage positions or withdraw funds. Instead, this category of users must immediately work with the associated underlying protocol where funds are saved or discover another service.

Explaining the choice, Oasis.app staff member Gabriel mentioned:

“Not too long ago, we wanted to replace the service phrases of the Oasis.app front-end to adapt to legal guidelines and related laws. In accordance with the most recent laws, Oasis.app has up-to-date service sentences. All sanctioned addresses will no longer be able to access Oasis.app performance.

By raising a Series A of $6 million in 2020, Oasis has become a popular platform for DeFi borrowing and lending. The protocol has processed $4.6 billion in transactions 30 days ago and handles $3.42 billion in deposits.

At the time of publication, it is not immediately clear which tools Oasis uses to create wallets that are considered unduly dangerous. Much like Oasis, decentralized switch Uniswap recently began blocking wallets allegedly linked to illicit actions through the use of information from TRM Labs. TRM Labs helps entities detect and investigate crypto-related monetary crimes through on-chain assessment. So far, suggestions for Oasis’ new metric have been mostly unfavorable. A Discord consumer, Eagles#2541, says:

“I’m really just interacting with Oasis with an account that was advertised direct on Twister Money. I can’t duplicate the problem others are having so it’s very likely the staff are incompetent and used a very large canvas with arbitrary holes.

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