According to a notification posted through Discord for the community, Oasis.app has issued sanctions against particular wallet addresses.
Oasis Blocks Certain Wallet Addresses
Oasis has issued a list of sanctioned wallet addresses confirming that these addresses will no longer be able to gain access to the Oasis application.
The Oasis network has announced that it has recently made changes to its terms of service. According to the changes, the wallet addresses that are deemed high-risk are to be blocked for good.
These wallet addresses will be prohibited from accessing the application for Oasis. Such wallet addresses will not be able to access or use the Oasis.app.
This means that the wallet addresses will not be allowed to deposit, withdraw, or manage funds.
Blocked Addresses to Interact Directly with the Protocols
This means that the users with blocked wallet addresses will need to find alternative or direct ways to interact with the protocol.
There, the users can store their assets or preferably find a different service.
A Team Member at Oasis.app Talks about the Decision
One of the team members at the Oasis.app revealed that recently, they were required to update their Terms of Service. They have been asked to adhere to the relevant regulations and laws.
By updating the Terms of Service, they are doing their part by adhering to the latest regulations. Following the sanctioning, none of the wallets that have been blocked will be able to access Oasis.app.
Information about Oasis
Over the years, Oasis has made its name valuable decentralized finance (DeFi) lending and borrowing platform. It was back in 2020 when Oasis had carried out its Series A funding round, where it raised $6 million.
In the past 30-days, Oasis protocol has processed transactions worth $4.6 billion and as of now, it manages deposits that are worth $3.42 billion.
Undisclosed Tool for Banning the Wallets
Oasis is yet to reveal the tool it has developed or adopted in order to identify the high-risk wallet addresses.
Oasis is not the only platform within the decentralized finance sector that has adopted such Terms of Service.
Several other firms such as Uniswap, a decentralized exchange have done the same. Uniswap has also announced that it has blocked the high-risk wallet addresses from interacting with their protocol.
Uniswap revealed that it had reasons to believe that the particular wallet addresses were involved in illicit activities. Uniswap is achieving this by using the service of TRM Labs.
TRM Labs is a platform known for detecting and investigating financial crimes that are related to cryptocurrencies.
For now, the feedback regarding Oasis’s new measure has been mainly negative. However, this maneuver is going to offer great help to the Oasis network in near future.