Victor Ugochukwu · Dec 14, 2020 . 5min read
Oasis Labs and Binance Introduces CryptoSafe Alliance to Battle Crypto Fraud
Cryptocurrency exchange, Binance has joined hands with Oasis Labs to combat fraud in the crypto sector, by developing CryptoSafe Alliance.
By Komal Joshi · Aug 28, 2020 . 6min read
The world’s largest cryptocurrency exchange, Binance, has joined hands with privacy-centric blockchain-powered cloud computing developers, Oasis Labs to combat fraud in the crypto space. On August 27, Oasis was declared the inaugural member and primary infrastructure provider for the Binance-led CryptoSafe Alliance. Additionally, Oasis Labs will operate with Binance and other members of the CryptoSafe Alliance to build a decentralized CryptoSafe Platform. It will enable members to share and access threat intelligence data across exchanges.
The unauthorized transactions are made by crypto theft, ransomware attacks, money laundering, and stolen wallet addresses. These criminal activities are frequently on the rise. Nevertheless, Binance shifted to Oasis Labs to offer a platform where exchanges could collectively deter fraud. It could defend each participant’s sensitive data confidentiality in a decentralized manner. Oasis Labs’ sophisticated technology developed on top of the privacy-first. Therefore, Oasis Network has the required properties to build the CryptoSafe Platform. Moreover, it aims to support an ecosystem of exchanges striving to overcome crypto frauds.
CryptoSafe Defines First Defense-in-Depth Approach
CryptoSafe Platform outlines the world’s first defence-in-depth approach to threat and security monitoring in a decentralized, data-sharing environment. However, the platform will first promote private intelligence-sharing before offering “real-time fraud analysis to fight cryptocurrency hacks, theft, and laundering.”
Binance CEO, Changpeng Zhao (CZ) said,
“The formation of the CryptoSafe Alliance is a representation of Binance’s commitment to building a more resilient crypto industry for everyone in the ecosystem. Together, we can make a concerted effort to safeguard the global cryptocurrency community through collaboration and open data sharing. We encourage more members in the industry to join the Alliance.”
However, at launch, the platform will allow exchanges to share intelligence concerning transactions processed on the Bitcoin (BTC), Ethereum (ETH), Tron (TRX), and Eos (EOS) blockchains. Moreover, it aims to help with additional networks by the end of the year. Conclusively, by using Oasis in privacy-preserving computing, alliance members will store and analyze sensitive data. However, Oasis has no visibility on the interpretation of the data.
With greater crypto adoption, there is an increase in crypto-related scams and frauds. Chainalysis reported that crypto scams have siphoned over $380M so far. The Oasis-Binance Alliance is a significant milestone for a safe crypto ecosystem given the mass adoption by various countries.
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