Crimes involving cryptocurrencies like Crypto theft, ransomware attacks that accept payment in crypto, money laundering, are all on the rise. As an effort to battle these crimes, crypto exchanges are starting to develop various tools that’d allow them to intercept these activities. In a bid to address these issues, crypto exchange Binance is collaborating with Oasis labs to develop a platform that facilitates threat intelligence sharing among exchanges.
According to an announcement from privacy-centric blockchain-powered cloud computing developers Oasis Labs, the company has teamed up with Binance, to develop a decentralized platform that utilizes Oasis Labs’ “confidential smart contracts” to share threat intelligence data among crypto exchanges.
Dubbed CryptoSafe, the Platform will be powered by the Oasis Network blockchain. The firm highlights the need for a platform like this that allows collaborative fraud detection while keeping the sensitive data of participating exchanges confidential and private.
For the initial launch, the platform will be providing private intelligence sharing, and move on to offer “real-time fraud analysis to fight cryptocurrency hacks, theft, and laundering.”
Oasis was also announced as the very first member and primary infrastructure provider for the Binance-led CryptoSafe Alliance on August 27. Binance’s CEO, Changpeng Zhao (CZ), urged more industry representatives to join the alliance stating:
“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.”
When launched, the platform will allow exchanges to share intelligence involving transactions processed on the Bitcoin (BTC), Ethereum (ETH), Tron (TRX), and Eos (EOS) blockchains, with plans to support additional networks by the end of the year.
Binance is not alone
Binance isn’t the only exchange working to combat crypto crimes. Several other firms have also started taking various steps to keep crypto crimes at bay.
As previously reported by The Daily Chain, crypto exchange KuCoin partnered with crypto data analysis platform Chainalysis, to utilized Chainalysis Know-Your-Transaction (KYT) software to track and prohibit money laundering and illicit activities in real-time.
Prior to that, Bitfinex announced a proprietary surveillance tool, that is aimed at helping combat “market abuse” and facilitate “orderly trading.” Titled “Shimmer,” the tool would help track manipulative behavior and fishy trading practices to improve the integrity of the crypto market