Recently Decentralised Finance (DeFi) platform Oasis exploited its wallet software on behalf of the court order.
Decentralized Finance (DeFi) platform Oasis is also a developer of multi-signature wallet software. Oasis developed software wallet was used by a hacker to deposit $140 million worth of crypto assets, which was stolen from the Wormhole bridge on 2 Feb 2022.
Recently Oasis published a blog post and confirmed that its team exploited its self-developed wallet software to freeze & recover those $140 million crypto assets and later handed over to the actual owner.
The team explained that there was a hidden vulnerability in the admin access point in its software wallet. And the team used that vulnerability to exploit the wallet software easily, on behalf of an order from the High Court of England and Wales.
Vulnerability or centralization
Oasis team thanked the white hat hackers, who informed them about that vulnerability and also used that vulnerability to help the wallet users & before the prior announcement fixed that vulnerability.
Many Crypto Twitter users claimed that Oasis probably provides a centralised wallet service, which is wrong, and also said that they may access the funds of other people.
However, the Oasis team confirmed that in the past or present, no funds were accessed by any admin or a third party because the user’s fund was always safe in the wallet.
Earlier this, in 2022, the crypto community raised many questions against several Defi crypto protocols over their actual nature and noted that the majority of them were centralised at a high extent.