Real-Time Crypto Crime Network Launched By Major Firms

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…