A coalition of crypto exchanges, payment firms, law enforcement agencies, and security researchers has unveiled a new initiative — the Beacon Network.
What is the Beacon Network?
The Beacon Network is a new initiative aimed at tracing and freezing cryptocurrency associated with crime in real time. Launched by TRM Labs, it is described as the industry’s first 'end-to-end kill chain for illicit crypto assets.'
Who is Behind the Beacon Network?
Founding members of the Beacon Network include major crypto exchanges such as Coinbase, Binance, and Kraken, as well as payment giant PayPal and notable security researchers like ZachXBT and the Security Alliance (SEAL). TRM Labs reported that federal law enforcement agencies worldwide are actively contributing by flagging addresses linked to critical threats.
How the Network Aids in Fighting Crypto Crime?
The Beacon Network enables verified members to flag suspicious wallet addresses and send automatic alerts when such funds hit exchanges or services. The project has already been successfully used to trace and freeze fraudulent funds amounting to over $1.5 million.
The Beacon Network aims to address the shortcomings in responding to crypto crime, allowing for rapid tracking and blocking of criminal activities. This is expected to improve outcomes against hackers and scammers.