TRM Labs launches Beacon Network for crime detection
Blockchain intelligence company TRM Labs launched a security system called Beacon Network to flag risks and respond to crime.
The network is built with the collaboration of founding members, including PayPal, Binance, Coinbase, Kraken, Ripple, and others. Beacon Network aims to help law enforcement, decentralized finance, crypto exchanges, and other companies trace and stop illicit activities.
TRM Labs co-founder and CEO Esteban Castaño mentions that over the past year, more than $20 billion in crypto was stolen globally through scams, hacks, and ransomware attacks.
TRM Labs co-founder and CEO Esteban Castaño mentions that over the past year, more than $20 billion in crypto was stolen globally through scams, hacks, and ransomware attacks.
Beacon Network works this way: trusted investigators report wallet addresses tied to hacks, scams, or crimes. The information is instantly shared across the network. If suspicious funds reach a partner exchange, the system sends an alert immediately. The exchange can then review, freeze, or block the money before it moves. Instead of stolen funds slipping away, Beacon Network helps stop them in time. New members, including law enforcement agencies, security researchers, stablecoin issuers, and DeFi platforms, can join the network.
CJ Rinaldi, Chief Compliance Officer at Kraken, noted:
The difference between Beacon Network and other public-private partnerships is speed and automation. Traditional systems may take days to act, while Beacon moves from detection to response in minutes. With initiatives like Beacon Network, blockchain security is advancing, challenging the misconception that crypto is untraceable.
CJ Rinaldi, Chief Compliance Officer at Kraken, noted:
When criminals move money, they do it fast — often using thousands of transactions across multiple wallets to obscure the trail. With the right real-time intelligence, we can follow the money and take action before it’s gone.
According to a press release by TRM, top law enforcement agencies worldwide feed in data, flagging addresses tied to major threats and triggering alerts that stop bad actors before they cash out. Security researchers and firms like ZachXBT, Security Alliance (SEAL), zeroShadow, Hypernative, Operation Shamrock, and CryptoForensics Investigators provide ongoing monitoring to spot and track risks.
The difference between Beacon Network and other public-private partnerships is speed and automation. Traditional systems may take days to act, while Beacon moves from detection to response in minutes. With initiatives like Beacon Network, blockchain security is advancing, challenging the misconception that crypto is untraceable.
Author
Web3 writer and crypto HODLer with a keen interest in market trends and recent technologies.
Recommended