According to a new community post on Discord on Thursdaydecentralized finance platform Oasis.app says sanctioned addresses will no longer be able to access the app. As a result of the change in the terms of service, wallets marked as high risk are prohibited from using Oasis.app to manage positions or withdraw funds. Instead, this category of users must directly interact with the corresponding underlying protocol where the funds are stored or find another service.
Explaining the decision, Gabriel, member of the Oasis.app team, said
“We have recently had to update the Oasis.app front-end terms of service to comply with relevant laws and regulations. In line with the latest regulations, Oasis.app has an updated Terms of Service. Any sanctioned address will no longer be able to access the functionality of Oasis.app”.
Raising a $6 million Series A in 2020, Oasis has grown to become a popular DeFi lending platform. The protocol has processed $4.6 billion worth of transactions in the last 30 days and manages $3.42 billion in deposits.
At press time, it is unclear what tools Oasis uses to identify wallets considered high risk. Like Oasis, decentralized exchange Uniswap recently started blocking wallets allegedly associated with illicit activity using data from TRM Labs. TRM Labs helps entities detect and investigate cryptocurrency-related financial crimes through on-chain analytics. So far, feedback on the new Oasis measure has been mostly negative. A Discord user, Eagles#2541, states:
“I’m actually interacting with Oasis with an account that has had direct exposure to Tornado Cash. I can’t reproduce the issue others are having, so it’s probably the team being incompetent and applying a very wide net with arbitrary holes. “.
It appears https://t.co/S7tb5tREIC, following Uniswap, has started sending all your data to TRM Labs. This is what happens when you connect with an address they don’t like. No way to close positions from the UI, no explanation or anything. pic.twitter.com/n2ocN8jQTq
— banteg (@bantg) August 11, 2022
It seems that https://t.co/S7tb5tREIC, following Uniswap, has started sending all your data to TRM Labs. This is what happens when you connect with an address they don’t like. There is no way to close positions from the UI, no explanation or anything.
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