TRM Labs has launched the Beacon Network, a real-time intelligence system designed to stop illicit cryptocurrency funds before they are withdrawn. The network works with law enforcement, crypto exchanges, DeFi platforms, and stablecoin issuers to detect suspicious activity quickly.
As per its official press release, major platforms including Binance, Bitfinex, Coinbase, Crypto.com, HTX, Kraken, PayPal, Poloniex, Ripple, and Zodia Custody have joined as early members.Â
Participation into this bizarre organization is free and optional for crypto-related entities—including verified exchanges, law enforcement, and trusted security researchers. It enables members to collaborate in real time to detect suspicious transactions and prevent fraudulent payments from being cashed out.
How Beacon Network Works?
Beacon Network provides four main services: flagging suspicious activity, spending real-time alerts to participating firms, rapid response to review and hold flagged deposits, while allowing verified members to submit claims to track and recover stolen funds.
TRM Labs estimates that over $47 billion in cryptocurrency has been sent to fraud-related addresses since 2023. The network will, therefore, especially target attacks by North Korean hackers, ransomware operators, terrorist financiers, and child abuse-related financial flows.
Coinbase Global Head of Anti-Money Laundering Valerie-Leila Jaber said that it’s an early warning system that allows spotting and freezing illegal funds so law enforcement can recover them. She added, “Access to real-time intelligence is a game changer.”
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