DeFi platform Oasis to block sanctioned addresses

Sanctioned wallets will not be able to access the Oasis.app DeFi platform frontend, Cointelegraph reports.

As a result of changes to the Terms of Service for the frontend, addresses flagged as high-risk will be prohibited from using Oasis.app to manage positions and withdraw funds.

“We recently needed to update the ‘Terms of Service’ for the frontend to comply with applicable laws and regulations. […] Any sanctioned addresses will no longer be able to access the features of Oasis.app,” explained a project spokesperson.

The platform did not disclose what tools it uses to identify high-risk wallets. A developer using the pseudonym banteg suggested that Oasis following Uniswap has turned to TRM Labs’ services.

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

According to the site, the protocol manages deposits worth $3.42 billion, and transaction volume over the last 30 days amounted to $4.6 billion.

As reported, on August 8, the U.S. Treasury imposed sanctions on the Tornado Cash mixer for laundering $7 billion, including funds linked to the North Korean hacker group Lazarus Group.

The decentralised derivatives exchange dYdX began blocking user accounts that had previously interacted with the mixing service.

Circle blacklisted 38 Tornado Cash USDC addresses. One issuer of the stablecoin blocked movement of at least 75,000 USDC.

The largest DeFi protocol by TVL, TVL, MakerDAO, decided to rebalance the collateral backing the stablecoin DAI, shedding $3.5 billion in USDC. Vitalik Buterin criticised the platform’s idea.

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