TRM Labs has announced the launch of the Beacon Network, a system built to help exchanges, payment firms, and authorities trace and freeze stolen digital assets.
The company describes it as a new level of cooperation across industries that aims to cut off exit routes for funds linked to crime.
Since the start of 2023, TRM Labs estimates that at least $47 billion has flowed into addresses tied to fraud. In many cases, money is moved so quickly that by the time law enforcement responds, the funds are already dispersed.
Did you know?
Subscribe – We publish new crypto explainer videos every week!
What is VeChain? VeChain Coin Explainer (ANIMATED)
The Beacon Network is meant to close this gap. Verified members can flag suspicious wallets, follow transactions across chains, and share the data with services and agencies. If flagged assets hit a participating exchange or platform, an alert is sent automatically.
The founding group includes Coinbase
$2.2B
, Binance
$9.71B
, Kraken
$470.96M
, Robinhood, PayPal, Anchorage Digital, and Ripple. Independent researchers such as ZachXBT and the Security Alliance (SEAL) are also part of the effort.
TRM Labs added that law enforcement bodies worldwide are contributing by providing information on addresses linked to serious threats.
Beacon Network is already active and has helped track funds in cybercrime cases. The network’s focus includes blocking operations tied to North Korean IT groups targeting crypto firms, disrupting scams and hacking campaigns, preventing terrorist financing, and returning stolen assets to victims.
Recently, SoFi Technologies announced plans to launch a Bitcoin Lightning and UMA-powered transfer service. How does it work? Read the full story.
