1inch Boosts Security with Wallet Screening
Decentralized finance (DeFi) platform 1inch has taken proactive measures to enhance security by screening millions of wallets for Anti-Money Laundering (AML) risks. This effort has resulted in the identification of numerous high-risk addresses, helping 1inch to identify risks such as child abuse material, fraud, and compromised funds. By blocking these high-risk addresses, 1inch ensures enhanced security for its platform and products.
Positive Feedback from Blockchain Journalist
Renowned blockchain and cryptocurrency journalist Wu Blockchain has commended 1inch for its wallet screening activity. In a post, Wu Blockchain highlights that 1inch has identified hundreds of high-risk addresses, including those associated with child sex abuse material vendors, scams, and hacked or stolen funds.
Compliance Measures in DeFi
1inch is part of a growing list of DeFi protocols that are adopting compliance measures to mitigate risks and ensure adherence to sanctions. By partnering with blockchain intelligence providers like TRM, 1inch aims to limit the use of its platform for illicit activities. With most users interacting with DeFi protocols anonymously, identifying AML and sanctions risks becomes crucial in safeguarding against threat actors.
Integration of TRM Wallet Screening
1inch has integrated TRM Wallet Screening, a tool designed to detect and restrict high-risk crypto addresses, into its dApp and Wallet. This integration allows for regular screening of user wallets to identify high-risk actors and prevent their access to the 1inch API. By leveraging TRM’s API, 1inch has successfully detected and restricted numerous high-risk addresses, bolstering its risk management efforts.
Conclusion
1inch’s proactive approach to security and compliance is commendable. By implementing wallet screening and integrating TRM’s solution, 1inch has demonstrated its commitment to providing a secure environment for DeFi users. These measures contribute to the overall integrity and reliability of the DeFi ecosystem, protecting it from illicit activities and enhancing trust among users.
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