Real-Time Crypto Crime Network Launched By Major Firms
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A collective of crypto and traditional finance firms, law enforcement and security researchers has formed a new “crypto crime response network” known as the “Beacon Network” to identify and freeze illicit funds on the blockchain. TRM Labs on Wednesday said the Beacon Network creates “an unprecedented level of industry collaboration to block off-ramps for criminal funds.” At least $47 billion has been sent to fraud-related addresses since 2023, according to new data from TRM Labs, though the number is likely to be far higher. Under the Beacon Network, verified members can flag wallet addresses suspected of financial crime, trace the funds across the blockchain and share information with connected services and law enforcement. When the flagged funds hit an exchange or other service participating in the network, an alert is sent automatically to ensure the funds can be identified, tracked and frozen before they are withdrawn or laundered. Founding members of the cross-sector network include crypto exchanges Coinbase, Binance, Kraken, trading platform Robinhood, payment giant PayPal, digital asset service company Anchorage Digital, Ripple, and security researchers, including ZachXBT and the Security Alliance (SEAL). “Leading federal law enforcement agencies globally are actively contributing to the network, flagging addresses linked to critical threats and triggering alerts that help stop illicit actors before they can cash out,” said TRM Labs. 🚨 Introducing Beacon Network: The first real-time crypto crime response network. Exchanges, issuers, and law enforcement can now trace funds instantly — and act before criminals cash out. Learn more: https://t.co/ZtslbTyOfM#BeaconNetwork #TRMLabs pic.twitter.com/IX7MPRntF0 — TRM Labs (@trmlabs) August 20, 2025 End-to-end “kill chain” for illicit crypto transactions TRM Labs said that stolen funds are often moved before law enforcement can intervene, which was the case following the $1.5 billion Bybit hack earlier this year, when the stolen funds moved through over 10,000 transactions…
Filed under: News - @ August 21, 2025 4:27 pm