Crypto giants launch ‘Beacon Network’ to track and freeze stolen crypto
The Beacon Network is an “end-to-end kill chain for illicit crypto assets, moving from detection to action in minutes rather than days,” TRM Labs said.
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.
