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Crypto giants launch "Beacon Network" to track and freeze stolen crypto assets
Beacon Network is an "end-to-end elimination chain for illicit crypto assets, which moves from detection to action in minutes instead of days," said TRM Labs.
A collective of companies from the cryptocurrency and traditional finance industries, law enforcement, and security researchers has formed a new "crypto crime response network" known as Beacon Network, to identify and freeze illicit funds on the blockchain.
TRM Labs stated on Wednesday that the "Beacon Network" creates "an unprecedented level of industry collaboration to block the outflow of criminal funds."
At least $47 billion has been sent to addresses related to fraud since 2023, according to new data from TRM Labs, although the figure is likely to be much higher.
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