Binance, the world’s largest cryptocurrency exchange, has partnered with blockchain-focused cloud computing developer Oasis Labs to tackle fraud in the crypto sector.

Oasis was announced on August 27th as a founding member and primary infrastructure provider for the Binance-led CryptoSafe Alliance.

Oasis Labs’ secret smart contracts are used to build the decentralized CryptoSafe platform that allows threat data to be exchanged between cryptocurrency exchanges. The CryptoSafe platform is powered by the Oasis network blockchain.

Companies emphasize that the platform must enable the joint detection of fraud while at the same time ensuring that the confidentiality and data protection of the data of the participating exchanges is preserved.

The platform will initially facilitate the exchange of private information before offering “real-time fraud analysis to combat cryptocurrency hacking, theft and money laundering”.

Changpeng Zhao (CZ), CEO of Binance, has asked representatives of the crypto industry to join the CryptoSafe alliance.

“A concerted effort and building closer relationships among members will better ensure the security of the global cryptocurrency community and the entire ecosystem to accomplish this shared mission.”
At the start, the platform will enable the exchange of information about transactions that are processed in the blockchain chains Bitcoin (BTC), Ethereum (ETH), Tron (TRX) and Eos (EOS). Further networks are to be supported by the end of the year.

According to forensic firm CipherTrace, cryptocurrency fraud amounted to $ 1.36 billion in the first five months of 2020.

Source: CoinTelegraph