Decentralized finance platform Oasis.app said authorized addresses will no longer be able to access the application, according to a new community Discord post on Thursday. Wallets flagged as high risk as a result of the Terms of Service change will be prohibited from using Oasis.app to manage positions or withdraw funds. Instead, such categories of users must either interact directly with the relevant underlying protocol where their funds are stored, or find another service.
Commenting on this decision, Oasis.app team member Gabriel said:
After raising $6 million in Series A funding in 2020, Oasis has grown into a popular platform for DeFi borrowing and lending. The protocol has seen him process $4.6 billion worth of transactions and manage $3.42 billion in deposits in the last 30 days.
At the time of publication, it is not clear what tools Oasis uses to identify wallets deemed high risk. Similar to Oasis, decentralized exchange Uniswap recently began using TRM Labs data to block wallets allegedly linked to illegal activities. TRM Labs helps entities detect and investigate crypto-related financial crimes through on-chain analytics. So far, feedback on Oasis’ new measures has been mostly negative. One of his Discord users, Eagles #2541, claims:
“I have actually only interacted with Oasis on accounts that have been directly exposed to Tornado Cash. I just applied the network.any holes in it.
https://t.co/S7tb5tREIC seems to have started sending all data to TRM Labs following Uniswap. This is what happens when you connect to an address that the other party doesn’t like. There is no way to close a position from the UI, no explanation whatsoever. pic.twitter.com/n2ocN8jQTq
— Bangteg (@bangtg) August 11, 2022