4 months ago 2 min read

Beacon Network, the Key to Retrieving Stolen Crypto, is Introduced by TRM Labs

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Beacon Network has recently been introduced by TRM Labs, a major provider of blockchain solutions that fights financial crime, fraud, and money laundering. As the first public-private communication network created to support investigations into financial occurrences that take place in the virtual world, Beacon Network has made its debut.

For the first time in cryptography's history, a link exists between legislative officials and law enforcement agencies and providers of virtual assets, including centralized crypto exchanges. TRM Labs claims that the development has been significantly affected by some of the most well-known figures in the cryptocurrency industry, including Binance, Circle, and Bittrex.

Esteban Castano, the CEO of TRM Labs, claimed that the new solution would stop hostile crypto hacks and aid victims in getting their money back.

“It’s paramount that the public and private sectors have tools to collaborate in real-time, stop financial crime, and recover funds for victims. With the Beacon Network, our law enforcement customers and the wider Web3 industry now have a trusted channel to collaborate on critical incidents.”

A New High has Been Reached for Crypto Hacks; What's Next?

Crypto enthusiasts have experienced some of the most terrifying events of 2022. The persistent pessimistic market attitude that started earlier this year and has already erased more than 3 trillion dollars in market valuation has dealt serious blows to the cryptosphere. Additionally, cryptocurrency hacking have been reaching record highs. BusinessWire estimates that victims have already lost more than 3.7 billion dollars to attackers.

Despite the complexity of cryptocurrency thefts, attackers typically transfer these monies to centralized exchanges right away with the intention of selling the assets. TRM's innovative technology provides a fantastic possibility for assistance to be frozen before attackers liquidate or withdraw cash in combination with these exchanges.

In one instance, a software error on the Coinberry exchange lost the company $3 million in BTC. Numerous users allegedly stole 120 Bitcoins from Binance for liquidation by taking advantage of the bug. The ground-breaking network will stop similar transactions and assist investigators in determining the reason and potential remedies to stop such from occurring covertly.

Investors can only hope that developments like Beacon Network will be made available soon in order to assist safeguard the cryptocurrency technology, as they are now more necessary than ever.

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