The post Ripple, Coinbase, Binance Join Forces to Stop Crypto Criminals Cold appeared first on Coinpedia Fintech News
TRM Labs has teamed up with big crypto firms like Coinbase, Ripple, and Binance to launch the Beacon Network. This is the world’s first crypto crime response system. Its goal is to stop illegal money from moving through the blockchain.
Beacon Network: An Approach to Prevent Crypto Fraud
The crypto industry is often hit by scams and fraud, making it a risky space for investors and users. To tackle this, leading crypto companies have come together to launch the Beacon Network, a system built to stop illegal activities.
The Beacon Network scans blockchain transactions in real time to spot unusual patterns and block suspicious activity.
It also lets trusted members flag shady wallet addresses, trace stolen funds across different blockchains, and share details with law enforcement.
TRM Labs calls it the first complete “kill chain” designed to target and shut down illicit crypto assets.
Esteban Castaño, CEO and co-founder of TRM Labs, stated, “This isn’t about adding another layer of compliance. It’s about unlocking the full potential of crypto: real-time transparency, automated detection, and rapid response. Beacon Network proves that with the right infrastructure, crypto can be the most secure financial system in the world.”
Crypto Giants to Launch Beacon Network
Coinbase, Binance, PayPal, Robinhood, Stripe, Kraken, Ripple, Crypto.com, Zodia Custody, Blockchain.com, Anchorage Digital, Bitfinex, HTX, Poloniex, OKX, LFJ, 1inch, Rhino.fi, Coinspot, and ChangeNow are the founding members of Beacon Network.
“Beacon Network represents a new chapter, defined by real-time intelligence, proactive risk management, and cross-sector collaboration. At Ripple, we’re proud to be a founding member,” said Andrew Rosenberg, Head of Financial Crimes Compliance at Ripple.
The “Kill Chain” Disrupts Illicit Funds
TRM data shows that since 2023, at least $47 billion in cryptocurrency has been sent to fraud-related addresses. Now with Beacon Network, the members seek to end this criminal cycle.
The Beacon Network is already in use and has reportedly achieved successes in tracking illicit funds from cybersecurity incidents. It froze $1.5 million linked to a global scam and identified $800,000 in scam-related deposits at a major exchange.
The network will prioritize taking down major crypto criminals, such as North Korean IT workers involved in crypto scams. It also aims to prevent terrorist financing and recover funds for victims.