Decentralized platform, Oasis.app has banned access for sanctioned wallet addresses, posing a possible risk to the platform’s funds and deposits. These addresses will no longer be able to access the DeFi application.
In the announcement on the Discord server, Oasis.app asked users of sanctioned addresses to contact their relevant underlying protocol. Affected users were also advised to shift over other services.
According to the announcement, Oasis.app sanctioned the access of these addresses after allegedly finding their connection to suspicious activity such as Russian netizens’ attempts to invade sanctions.
One of the Oasis.app team members, Gabriel stated that “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.”
Apart from these sanctions, Oasis.app has also adopted a tough stance over the wallets which contain transactions history with crypto mixers such as Tornado Cash. Most hackers use crypto mixers to camouflage illicit funds.
Oasis network is one of the leading DeFi borrowing and lending platforms, which is built through layer one proof-of-stake smart contract. The protocol is holding up around $3.42 billion in deposits.
Amid a growing number of cyber attacks on defi platforms, many protocols are taking measures and precautions to avoid such exploitation on their networks. Recently, a notorious protocol, Uniswap, took a similar approach to block suspicious crypto wallets by considering TRM Labs’ data, which is a blockchain analyst firm.