The crypto industry faces fraud risks, posing challenges for investors and users. In response, leading firms are launching the Beacon Network, aimed at preventing illegal activities.
World's First Response to Crypto Crime
The Beacon Network, launched by TRM Labs in collaboration with major crypto firms such as Coinbase, Ripple, and Binance, is the world's first comprehensive system for responding to crypto crimes. One of its main objectives is to prevent the movement of illegal funds across blockchains. The Beacon Network monitors blockchain transactions in real-time, identifying suspicious patterns and blocking such activities.
Crypto Giants Launch Beacon Network
Founding members of the Beacon Network include companies like Coinbase, Binance, PayPal, and many others. 'The Beacon Network represents a new chapter defined by real-time intelligence and proactive risk management,' said Andrew Rosenberg, Head of Financial Crimes Compliance at Ripple.
Effectiveness of the "Kill Chain" Against Illicit Funds
According to TRM, at least $47 billion in cryptocurrency has been sent to fraud-related addresses since 2023. With the launch of the Beacon Network, members aim to disrupt this criminal cycle. The network has already shown effectiveness, freezing $1.5 million linked to a global scam.
The Beacon Network opens new horizons for security in the crypto industry, marking a key step towards eradicating fraud and recovering funds for victims.
