Oasis Labs Joins Forces with Binance to Launch CryptoSafe Alliance and Decentralized Platform for Combatting Crypto Fraud
How the Oasis Network’s support for decentralized, confidential smart contracts can enable Binance and the broader crypto industry to combat crypto fraud.
Today, we are excited to announce that Oasis Labs has joined the Binance-led CryptoSafe Alliance as its inaugural member and primary infrastructure provider. Oasis Labs will work closely with Binance and other members of the CryptoSafe Alliance to develop a decentralized CryptoSafe Platform, which will allow members to share and access threat intelligence data across exchanges.
Crypto theft, ransomware attacks that accept payment in crypto, money laundering, stolen wallet addresses used to make unauthorized transactions are all on the rise.
Binance recently proposed setting up an alliance that would allow for the sharing of threat intelligence amongst exchanges to tackle this growing threat. Binance turned to Oasis Labs to provide a platform where exchanges could collaboratively prevent fraud while protecting the confidentiality of each participant’s sensitive data in a decentralized manner. Oasis Labs’ sophisticated technology built on top of the privacy-first, Oasis Network has the needed properties to build the CryptoSafe Platform and support an ecosystem of exchanges hoping to reduce crypto fraud.
CryptoSafe Platform represents the world’s first defense-in-depth approach to threat and security monitoring in a decentralized, data-sharing environment. Through the Oasis Network, a new, high-performance, layer-1 blockchain platform with support for secure computing, the CryptoSafe Platform is able to provide fraud detection while keeping exchange data confidential and private. The CryptoSafe Platform is integrated with the Oasis Network via Oasis Labs’ privacy SDK, Parcel, which abstracts away the nuance of blockchain systems — making development easy and straightforward.
The CryptoSafe platform will begin by supporting analysis against the combined anti-fraud intelligence from the Alliance members, and expand to provide proactive real-time fraud analysis to fight cryptocurrency hacks, theft, and laundering, as well as improve upon the industry’s standard for defense against bad actors.
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.”
At launch, the CryptoSafe Platform will support Bitcoin, Ethereum, TRX and EOS blockchains with more to be added later this year. The platform will support maintaining blacklists of malicious wallet addresses, monitoring asset transactions, and providing information for further legal and investigation processes.
For more information on how to join the CryptoSafe Alliance, please visit its website at: https://www.cryptosafe.org/.