In a press release, TRM Labs announced that Ripple and Binance have joined as founding members of the Beacon Network, the first real-time response network against cryptocurrency-related crimes. The blockchain intelligence platform stated that they designed this initiative to prevent illicit funds from leaving the blockchain.
In addition to Ripple and Binance, other founding members include major cryptocurrency exchange platforms such as Coinbase, Crypto.com, OKX, Kraken, and Robinhood, as well as PayPal, Stripe, and Anchorage Digital, among others. TRM Labs stated that this initiative creates an unprecedented level of collaboration in the industry to block escape routes for illicit funds.
The Beacon Network will also collaborate with federal law enforcement agencies worldwide, who will actively contribute to the network. These agencies will help identify addresses linked to critical threats and trigger alerts to help stop malicious actors before they can withdraw these funds from the blockchain.
In addition to companies like Ripple and Binance, security researchers and companies such as ZachXBT, Security Alliance (SEAL), and zeroShadow will also play an important role in the network. They will provide continuous monitoring to identify and track threats.
This measure coincides with a statement from the U.S. Department of the Treasury, which seeks public input on how to combat illicit finance as part of its oversight of stablecoins following the passage of the GENIUS Act. The U.S. Senate had also previously requested information on provisions that could be included in the cryptocurrency market structure bill to combat cryptocurrency-related crimes.
After introducing Ripple, Binance, and other founding members, TRM Labs explained the reason for this initiative. They revealed that, since 2023, at least $47 billion in cryptocurrencies have been sent to addresses related to fraud. They noted that these figures are likely higher, as most fraud victims do not disclose when they fall for a scam.
Additionally, the blockchain intelligence agency stated that 2025 was a record year for cyberattacks, with over $2.3 billion stolen from the crypto ecosystem. This includes the Bybit hack, which cost $1.5 billion earlier this year, the largest hack of a cryptocurrency exchange platform in history.
TRM Labs stated that the hacker moved funds from the hack through 10,000 transactions in the first month after the attack, which has created an "urgent need for faster detection, response, and coordination throughout the crypto ecosystem." Meanwhile, as reported by CoinGape, one of the most recent exploits was the $44 million hack of CoinDCX.
Industry players such as Ripple and Binance are expected to help block such transactions when conducted through their channels. Companies like Binance notably assisted Bybit when the $1.5 billion hack occurred.
