Crypto giants launch ‘Beacon Network’ to track and freeze stolen crypto — TradingView News
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…
