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Analyst explains that crypto hacks will reach all-time highs by 2022. Kim Grauer, research director at Chainalysis, stated that the top priority of the crypto industry should be reducing hacks through improving cybersecurity. According to the firm, crypto thefts through hacks could surpass 2021 this year. These exploits mainly target the field of Decentralized Finance (DeFi). Grauer stated in an interview with Cointelegraph that “this can’t continue in the industry because people will lose faith in investing on DeFi platforms.” [embedded content] Decentralized protocols are more vulnerable than centralized exchanges. This is largely due to the open source code that they are built on. “Anyone can look through this open-source code to find code vulnerabilities they can exploit,” Grauer explained. The researcher believes that hacking vulnerability is not an inherent problem of DeFi but rather a result of insufficient security at the code level. She pointed out that “there are contracts that have shown that they can be kept secure.” Grauer believes that decentralized protocols can be more secure than their centralized counterparts if enough resources are spent on making the code “perfect”. You can see the full interview over on our YouTube channel and don’t forget about to subscribe!
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Block wallet addresses that are deemed at-risk using the DeFi platform Oasis
A new Discord post from Thursday’s community states that decentralized financing (DeFi) platform Oasis.app has announced that only sanctioned addresses can access the application. Due to the new terms of service, wallets that have been flagged as high-risk are no longer allowed to use Oasis.app for managing positions or withdrawing funds. These users will need to interact with Oasis.app directly or use another service.
Gabriel, a member of Oasis.app, explained the decision:
“We recently had to revise the Terms of Service of the Oasis.app front end to ensure compliance with the applicable laws and regulations. Oasis.app now has updated Terms of Service in accordance with the most recent regulations. Oasis.app functionality will not be accessible to any sanctioned addresses.
Oasis raised a $6 million Series B in 2020 and has since grown to be a well-known platform for DeFi borrowing and lending. In the last 30 days, $4.6 billion worth transactions were processed by Oasis and $3.42 billion has been managed in deposits.
It is unclear at the time of publication which tools Oasis uses to identify wallets that are high-risk. Similar to Oasis’s decentralized exchange (DEX), Uniswap has recently begun to block wallets allegedly linked to illicit activities using TRM Labs data. TRM Labs assists entities in investigating and detecting crypto-related financial crimes through on-chain analysis. Oasis has received mostly negative feedback about their new measure. One Discord user, Eagles#2541, claims:
“I am actually just interfacing with Oasis using an account that has been exposed to Tornado Cash. I cannot reproduce the problem that others are experiencing, so it is likely that the team is incompetent or has used a 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 are connected to an address that they don’t like. There is no way to close positions in the UI. pic.twitter.com/n2ocN8jQTq
— banteg
August 11, 2022
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