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Oasis labs join hands with Binance to launch Cryptosafe alliance to combat malicious attacks and thefts

Photo of: Sangeetha Golchha
by Sangeetha Golchha

Joint ventures and platform integrations have become a prominent part of the crypto culture. It is more about collaborative growth instead of a standalone growth trajectory. Oasis labs announced a few hours ago that it has joined hands with Binance-led Cryptosafe Alliance as its inaugural member as a primary infrastructure provider. Oasis labs will work with Binance and other members of the alliance to develop a CrypoSafe platform that is transparent and follows every norm of decentralization. The platform will allow members to share and access threat intelligence data across exchanges.

The need for such an alliance

Crypto theft has become the new deal with ransomware attacks on the rise. These malicious attackers now accept payments in cryptos. Not just that, money laundering, wallet addresses being stolen to make unauthorized transactions are on the rise. With that in the picture, Binance recently proposed to form an alliance that would allow the entities to share threat intelligence amongst exchanges to tackle the growing menace. 

Tying up Oasis Labs was a conscious decision taken by Binance because it will help in providing a platform where exchanges could come in collaboration to prevent fraud while also protecting the confidentiality of the participant’s sensitive data in a decentralized fashion. The inner circles at Binance believe that,

“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 is also the world’s first defense-in-depth approach to threats and security monitoring encouraging a data-sharing ecosystem. With the Oasis network in the picture, which is a layer-1 blockchain platform with secure computing principles by design, the platform will be able to detect fraud while keeping the data clandestine. The Cryptosafe platform will be integrated with Oasis Network through Oasis Labs’ privacy SDK that will make development easy and convenient.

The efforts of the platform will begin by supporting analysis against the collated anti-fraud intelligence from the Alliance members. It will later foray into providing real-time fraud analysis to fight hacks, laundering, and theft. It will also improve defense standards so that systems are not affected by bad entities in the industry.

Straight from the horse’s mouth

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 the launch, the platform will show solidarity of support for Bitcoin, Ethereum, TRX, and EOS. It will also propose to maintain blacklists of malicious wallet addresses and monitor asset transactions for further investigation. Such an initiative is much needed in the crypto space today and the alliance’s motive to keep a tab on it will surely go a long way in reassuring fears.