Major crypto firms, including Coinbase, Binance, Kraken, Robinhood and PayPal, have launched the Beacon Network to identify and freeze illicit blockchain funds in real-time.
The cross-sector initiative creates an "end-to-end kill chain for illicit crypto assets" moving from detection to action within minutes rather than days. At least $47 billion has been sent to fraud-related addresses since 2023.
Verified members can flag suspicious wallet addresses, trace funds across blockchains and share information with connected services and law enforcement. When flagged funds hit participating exchanges, automatic alerts enable tracking and freezing before withdrawal.
The network has already registered successes, including tracing $1.5 million linked to a global scam and identifying $800,000 in scam deposits at a major exchange. Only verified investigators can flag addresses to prevent system abuse and maintain blockchain security integrity.
By Ayesha Aziz
about 5 hours ago
