TRM Unveils New Crypto Crime-Fighting Platform for the Industry
▼ Summary
– TRM Labs launched Beacon Network, an intelligence-sharing platform to prevent illicit funds from leaving the blockchain and build a real-time crypto crime response network.
– The initiative was announced after new data showed at least $47bn in cryptocurrency has been sent to fraud-related addresses since 2023.
– Beacon Network focuses on disrupting North Korean IT worker and hack funds, interdicting ransomware payments, preventing terrorism financing, recovering scam victim funds, and stopping child sexual abuse material-related financial flows.
– It was developed in collaboration with law enforcement across dozens of countries, leading financial platforms, cryptocurrency exchanges, stablecoin issuers, and crypto-security researchers.
– Major participants include top crypto exchanges like Binance and Coinbase, fintech companies like PayPal and Stripe, and active crypto crime researchers like ZachXBT and Security Alliance.
TRM Labs has introduced a groundbreaking intelligence-sharing platform known as Beacon Network, aimed at stopping illicit cryptocurrency movements and establishing a rapid-response system against digital financial crime. This initiative arrives at a critical moment, with recent data revealing that over $47 billion in crypto has been funneled to fraudulent addresses since the start of 2023.
The platform enables real-time collaboration among key players across the cryptocurrency and cybersecurity landscapes. By pooling intelligence, participants can act swiftly to intercept major thefts, such as the $1.5 billion Bybit hack, before funds exit the ecosystem.
Beacon Network zeroes in on several urgent priorities: disrupting funds linked to North Korean IT workers and cyber intrusions, intercepting ransomware payments, preventing terrorism financing, recovering assets for scam victims, and halting financial flows associated with child exploitation material.
Developed through close cooperation with international law enforcement agencies, financial service providers, cryptocurrency exchanges, stablecoin issuers, and leading security analysts, the network brings together an impressive coalition of industry heavyweights.
Major exchanges including Binance, Coinbase, Kraken, and Crypto.com have signed on, alongside firms like Ripple, Blockchain.com, and Zodia Custody. The initiative also draws support from fintech giants such as PayPal, Robinhood, and Stripe, as well as influential independent researchers and groups like ZachXBT, SEAL, and Hypernative.
This collective effort marks a significant step toward a more secure and transparent digital asset environment, uniting diverse sectors in the fight against financial crime.
(Source: InfoSecurity Magazine )