Binance and Oasis Labs are building a platform to help cryptocurrency exchanges detect and share information about fraud. The two companies launched the CryptoSafe Alliance, a network that lets exchan
Binance and Oasis Labs are building a platform to help cryptocurrency exchanges detect and share information about fraud. The two companies launched the CryptoSafe Alliance, a network that lets exchanges report scams and hacks without exposing which customers were targeted.
Oasis Labs, a cloud computing platform developer, will serve as the infrastructure provider. The system uses "confidential smart contracts" to process fraud data while keeping sensitive information hidden from competitors.
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Between January and May 2020, cryptocurrency criminals stole $1.36 billion, according to blockchain analytics firm CipherTrace. The scale of the problem prompted the partnership.
Binance CEO Changpeng Zhao called for industry participation. "A collective effort and forging closer ties amongst members will better ensure the security of the global cryptocurrency community and the broader ecosystem's integrity to achieve this common mission," he said.
Oasis Labs announced the partnership in a statement: "Today we're very excited to announce that we've joined forces with Binance as an first member and infrastructure provider of the new CryptoSafe Alliance — a decentralized way to bring together a global ecosystem of collaborators to combat fraud."
Oasis Labs CEO Dawn Song said the company was built for this role. She explained that the Oasis Network would allow exchanges to share sensitive data while privacy and security concerns intensified throughout the industry.
When it launches, CryptoSafe will monitor transactions on Ethereum, Bitcoin, EOS, and Tron, with plans to add other blockchains before year's end.
The project has drawn interest across the industry. Blockchain protocols, exchanges, compliance firms, and cybersecurity experts have approached about participating, with several offering to contribute real-time fraud detection and analysis.
MiningPool content is intended for information and educational purposes only and does not constitute financial, investment, or legal advice.
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