TRM Labs has just launched Beacon Network with the goal of preventing criminal cash flows related to cryptocurrency, collaborating with major exchanges and global payment organizations.
This collaboration supports global law enforcement agencies in monitoring and stopping fraudulent cryptocurrency activities. As of 2023, cryptocurrency-related scams have caused losses of approximately $47 billion.
MAIN CONTENT
Beacon Network was developed by TRM Labs to monitor criminal cash flows in cryptocurrency.
Collaborating with prominent exchanges and payment organizations such as Coinbase, Binance, PayPal.
As of 2023, $47 billion has been affected by cryptocurrency fraud activities.
What is Beacon Network and what role does it play in preventing cryptocurrency crime?
Beacon Network is a platform developed by TRM Labs, enabling exchanges and payment organizations to collaborate in tracking and preventing cash flows related to criminal activities in cryptocurrency. The main goal is to create transparency and safety in the global cryptocurrency market.
This platform connects partners in the cryptocurrency financial industry, from exchanges like Coinbase, Binance, Kraken to payment entities like PayPal, Stripe. This collaboration helps quickly detect and prevent fraudulent activities and cryptocurrency money laundering.
Who does Beacon Network collaborate with?
Beacon Network has partnered with many leading cryptocurrency exchanges and major payment companies to enhance transaction monitoring effectiveness. Sample partners include Coinbase, Binance, Kraken, Robinhood, Ripple, Crypto.com, Bitfinex, PayPal, and Stripe.
The gathering of major names in finance and cryptocurrency facilitates data sharing and coordinated action against fraudulent cryptocurrency activities globally.
What is the current situation regarding cryptocurrency fraud and the impact of Beacon Network?
Based on data from TRM Labs, from the beginning of 2023 to now, approximately $47 billion related to cryptocurrency fraud activities have been recorded. These behaviors range from scams, money laundering to illegal transactions.
Beacon Network was established as a technological solution to verify and analyze complex cash flows, assisting authorities and financial partners in effectively preventing bad transactions and enhancing user and cryptocurrency market protection.
Beacon Network will make a difference in preventing illicit cash flows, contributing to increased transparency and safety in the global cryptocurrency market.
Quote from the founder of TRM Labs, 2023
Has Tether participated in Beacon Network?
Currently, Tether has not participated in Beacon Network. This may affect the ability to track transactions related to this popular stablecoin within the new monitoring network system.
The absence of Tether is noted as a point of concern when assessing the overall effectiveness of the Beacon Network in controlling fraud and illicit cash flows related to cryptocurrency.
Frequently Asked Questions
How does Beacon Network affect cryptocurrency users?
Beacon Network enhances safety and reduces fraud risk for cryptocurrency users through monitoring and alerting unusual transactions.
Does Tether's non-participation pose any risks?
Tether's non-participation may pose challenges in tracking transactions related to this stablecoin, creating loopholes for criminals to exploit.
Who is TRM Labs and what is its reputation?
TRM Labs is a company specialized in blockchain analysis and cryptocurrency fraud prevention, trusted by many major financial institutions.
Can Beacon Network scale globally?
Collaboration with many international partners shows that Beacon Network has the potential to expand and support globally in the future.
How does Beacon Network support law enforcement agencies?
The platform provides data and analysis on suspicious cash flows, helping law enforcement agencies trace and apprehend more quickly.
Source: https://tintucbitcoin.com/beacon-network-hop-tac-trm-labs-chong-toi-pham/
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