Brad Mills informed about the denial to access Wallet Content on 1inch DeFi. Decentralized Finance is severely criticized in the industry and by the users because of denying user access based on wallet content. And on 6 November 2022, Entrepreneur Brad Mills posted a Tweet criticizing DeFi for denying users access to decentralized exchanges(DEXs) because of various factors like location and wallet content. Because of this concern faced by Mills, he explained the future of Web3 as a “Surveillance panopticon” and futhure notes that it has incorrectly developed all things with Wall Street on a blockchain. Mill’s tweet also has a picture that mirrors a pop-up notification highlighting that he is trying to use a 1inch dApp with a restricted wallet address. While talking to the news outlet, the chief communication Officer of 1 inch Sergey Maslennikov noted that restricting wallets is part of the firm’s efforts to provide a safe and compliant community environment. Sergey also notes, “Users’ wallets owned or associated with clearly illegal behavior like: sanctions, terrorism financing, hacked or stolen funds, human trafficking, and child sexual abuse material (CSAM) are prevented from interacting with the 1inch dApp.” As per Sergey believes DeFi Aggregator complies with all applicable sanctions and sanction lists. In addition, DEX adheres to anti-money laundering (AML) and terrorist financing prevention regulations and the global community’s measures.
Full story : DeFi Heavily Criticized by its users After Denying Access to Wallet Content.
