DeFi platform Oasis to block wallet addresses deemed at-risk

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Accord­ing to a new com­mu­ni­ty Dis­cord post on Thurs­day, decen­tral­ized finance plat­form Oasis.app says that sanc­tioned address­es will no longer be able to access the appli­ca­tion. As a result of the change to the terms of ser­vice, wal­lets flagged as high risk are pro­hib­it­ed from using Oasis.app to man­age posi­tions or with­draw funds. Instead, such cat­e­go­ry of users must inter­act direct­ly with the rel­e­vant under­ly­ing pro­to­col where funds are stored or find anoth­er service.

In explain­ing the deci­sion, Oasis.app team mem­ber Gabriel said:

“We’ve recent­ly need­ed to update the Terms of Ser­vice of the Oasis.app front-end to com­ply with the rel­e­vant laws and reg­u­la­tions. In line with the lat­est reg­u­la­tions, Oasis.app has an updat­ed Terms of Ser­vice. Any sanc­tioned address­es will no longer be able to access Oasis.app functionality.”

Rais­ing a $6 mil­lion Series A in 2020, Oasis has grown to become a pop­u­lar plat­form for DeFi bor­row­ing and lend­ing. The pro­to­col has processed $4.6 bil­lion worth of trans­ac­tions in the past 30 days and man­ages $3.42 bil­lion in deposits. 

At the time of pub­li­ca­tion, it is not imme­di­ate­ly clear which tools Oasis is using to iden­ti­fy wal­lets deemed to be high risk. Sim­i­lar to Oasis, decen­tral­ized exchange Uniswap recent­ly began to block wal­lets alleged­ly asso­ci­at­ed with illic­it activ­i­ties by using TRM Labs’ data. TRM Labs helps enti­ties detect and inves­ti­gate cryp­to-relat­ed finan­cial crime via on-chain analy­sis. Thus far, feed­back regard­ing Oasis’ new mea­sure has been most­ly neg­a­tive. One Dis­cord user, Eagles#2541, claims:

“I’m actu­al­ly just inter­act­ing with Oasis with an account that has had direct expo­sure to Tor­na­do Cash. I can’t repro­duce the issue that oth­ers are get­ting, so it’s prob­a­bly just that the team is incom­pe­tent and has applied some very wide net with arbi­trary holes in it. 



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