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Real-time crypto crime network launched by major companies

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A collective crypto and traditional financial companies, law enforcement and security researchers have developed a new “Crypto Crime Response Network” – known as the Beacon Network – to identify and refreeze illicit blockchain funds.

TRM LABS on Wednesday Says The “Beacon Network” creates “an unprecedented level of industry cooperation to hinder 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, even the number is likely to be higher.

Under the Beacon Network, the verified members can flag the addresses of the purse suspected of financial crime, traces of funds as a whole The blockchainand share information with connected services and law enforcement.

When the air -funded funds Press an exchange or other services participating in the network, an alert is automatically sent to ensure that funds can be identified, monitored, and frozen before they are revoked or laundered.

Founding members of the cross-sector network include Crypto Exchanges Coinbase, Binance, Kraken, Trading Platform Robinhood, Paypal Giant Paypal, Digital Asset Service Company Digital, Ripple, and Security Researcher-including the ZachxBT and the Security Alliance (Seal).

“The leading law enforcement agencies around the world are actively contributing to the network, the development of addresses linked to critical threats and motivated alerts that will help prevent illicit actors before they can cash out,” said the TRM labs.

End-to-end “killed chain” for prohibited crypto transactions

The TRM labs said the stolen funds were often moved quickly before the law enforcement intervene, in which case the case following the $ 1.5 billion bybit hack earlier this yearWhen stolen funds move to more than 10,000 transactions in the first month.

“To date, law enforcement and cryptocurrency platforms have run into the silos, which responds only after the prohibited funds are lost. The window for interdiction is often measured in minutes, not days. In the Beacon Network, which changes,” the firm added.

“The Beacon Network is the first end-to-end ‘Kill Chain’ for prohibited crypto assets, which moves from discovery to action in minutes rather than days.”

Beacon Network is already in use

The Beacon Network is already in use, According to to the TRM LABS, and registered many success in helping tracking The prohibited funds stolen in cybersecurity incidents.

When the funds are being banned as prohibited, the Beacon Network monitors them to the blockchain. Source: TRM LABS

In one case, a law enforcement agency was able to monitor the $ 1.5 million linked to an unnamed global scam. They used the Beacon Network to blacklist the address so that the funds could froze when they were sent to an exchange.

In another incident, a group of investigators managed to identify $ 800,000 in scam-related deposits in a major exchange, which they flagged to become frozen.

Related: Crypto crime unit with $ 250m in seizures expands Binance

One major feature of the network is that only -verified users, which include law enforcement agencies, vetted partners, and security researchers around the world, can submit an address as prohibited.

TRM LABS Answer With an X user on Wednesday asking about the network that was wrongly used, that only investigators who were proven could provide funds, and if only they had “high confidence and intention of acting,” the information.

“Each flag carries significant responsibilities, as it indicates the entire network that the funds should be serious.

Source: TRM LABS

Major bad actors will be targeted

The Beacon Network can be used for any prohibited funds, but TRM Labs said there are many major target targets of collective group, such as addresses and transactions linked to North Korean IT Workers teamsthat scamming crypto companies around the world.