Crypto Fraud Alliance Established By Binance And Oasis Labs

Announcements, News | August 27, 2020 By:

Binance, operator of one of the world’s largest crypto exchanges, has teamed with blockchain startup Oasis Labs to establish an alliance aimed to bring together a global ecosystem of collaborators to combat fraud.

Binance is a blockchain and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. The Binance platform is dedicated to increasing the freedom of money for users, and features a portfolio of crypto products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization and infrastructure solutions, and more.

Oasis Labs is a privacy-first, high-performance cloud computing platform on blockchain. The company aims to bring privacy and security protections previously not possible on a blockchain, as well as processing capabilities that have orders of magnitude greater performance than existing systems. Oasis’s unique technical properties and capabilities enable a broad spectrum of new applications from DeFi to healthcare to consumer electronics and more.

Binance partnered with Oasis Labs to initiate an industry-first alliance, called the CryptoSafe Alliance, for combatting crypto fraud. According to a press release, Oasis Labs will serve as an inaugural member and primary infrastructure provider of the alliance.

The CryptoSafe Alliance will be driven by the CryptoSafe Platform, a decentralized system powered by the Oasis Network and the Oasis Labs privacy SDK, Parcel. The platform will allow alliance members to share and access real-time intelligence and reports on hacks, scams and other malicious incidents privately and without having to share sensitive industry or user data with competitors.

The CryptoSafe Platform will support post-mortem analysis against the combined anti-fraud intelligence from the alliance partners and will expand to provide proactive real-time fraud analysis for alliance members to fight cryptocurrency hacks, theft, and laundering, as well as improve upon the industry’s standard for defense against bad actors. It will also provide defense in depth in a trustless environment to ensure the protection of sensitive data.

“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,” said Binance CEO Changpeng Zhao (CZ). “Together, we can make a concerted effort to safeguard the global cryptocurrency community through collaboration and open data sharing.”

Dawn Song, CEO and Founder of Oasis Labs, said that Oasis is the perfect partner to help Binance execute such a groundbreaking initiative.

“With the increasing focus on security and confidentiality, the CryptoSafe Platform leverages the Oasis Network to empower exchanges and other key players in the ecosystem to share threat analysis and reports without compromising sensitive data,” Song said.