A new cross-industry initiative called the “Beacon Network” has been formed to combat crypto-related crime by tracking and freezing illicit funds. TRM Labs, in a statement on Wednesday, said the network represents an unprecedented level of collaboration among crypto firms, traditional finance companies, security researchers, and law enforcement.
The Beacon Network allows verified members to flag wallet addresses suspected of financial crime, trace transactions across the blockchain, and share information with participating services. When flagged funds reach exchanges or platforms within the network, alerts are automatically triggered so assets can be identified and frozen before being withdrawn or laundered.
Founding members include Coinbase, Binance, Kraken, Ripple, Robinhood, PayPal, Anchorage Digital, and independent security researchers such as ZachXBT and SEAL. Federal agencies are also contributing by providing addresses tied to critical threats.
TRM Labs highlighted that at least $47 billion has been sent to fraud-related addresses since 2023, underlining the urgency of such coordinated action.
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