Friday, December 9, 2022
 

Oasis Prohibits High-Risk Flagged Wallet Addresses, Users Exasperated

  • Oasis.app users noticed that they were unable to access the platform and their wallets had been disconnected.
  • Oasis clarified, stating sanctioned addresses will no longer be able to access the app.
  • Earlier, Uniswap had a similar incident when they blocked multiple high-risk wallets.

Users of DeFi platform Oasis.app reported that their wallet address has been disconnected and that, following a recent update to the platform’s terms of service, they are unable to access the platform because it is believed to be a high-risk wallet address.

After such reports started surfacing, Oasis posted a statement on Discord, telling its users that the wallets that are flagged as high-risk and have been prohibited from using the platform must either interact directly with the relevant underlying protocol or use another service. It further clarified,

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.

Meanwhile, Oasis’ measure has been the butt of ridicule among a lot of users. One such feedback, posted by a Discord user with the username Eagles# 2541, stated that “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.”

Just like Oasis, decentralized exchange (DEX) Uniswap has lately started blocking wallets purportedly linked to illicit activity by leveraging data from TRM Labs. TRM Labs uses on-chain analysis to assist organizations and other bodies detect and investigate crypto-related financial wrongdoings.

Oasis has promoted itself as a platform that enables users of decentralized finance (DeFi) to borrow, enhance their exposure to crypto, and earn on their assets. In 2020, the platform received $5,000,000 in seed funding from UDHC and $6,000,000 in Series Road Capital, to ensure DeFi buying and lending. However, it’s not disclosed what tools Oasis employs to evaluate which wallets are considered to be high risk.

  • Oasis.app users noticed that they were unable to access the platform and their wallets had been disconnected.
  • Oasis clarified, stating sanctioned addresses will no longer be able to access the app.
  • Earlier, Uniswap had a similar incident when they blocked multiple high-risk wallets.

Users of DeFi platform Oasis.app reported that their wallet address has been disconnected and that, following a recent update to the platform’s terms of service, they are unable to access the platform because it is believed to be a high-risk wallet address.

After such reports started surfacing, Oasis posted a statement on Discord, telling its users that the wallets that are flagged as high-risk and have been prohibited from using the platform must either interact directly with the relevant underlying protocol or use another service. It further clarified,

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.

Meanwhile, Oasis’ measure has been the butt of ridicule among a lot of users. One such feedback, posted by a Discord user with the username Eagles# 2541, stated that “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.”

Just like Oasis, decentralized exchange (DEX) Uniswap has lately started blocking wallets purportedly linked to illicit activity by leveraging data from TRM Labs. TRM Labs uses on-chain analysis to assist organizations and other bodies detect and investigate crypto-related financial wrongdoings.

Oasis has promoted itself as a platform that enables users of decentralized finance (DeFi) to borrow, enhance their exposure to crypto, and earn on their assets. In 2020, the platform received $5,000,000 in seed funding from UDHC and $6,000,000 in Series Road Capital, to ensure DeFi buying and lending. However, it’s not disclosed what tools Oasis employs to evaluate which wallets are considered to be high risk.

 

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