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In a tweet, Ripple announced it has become a founding member of the newly launched Beacon network, a first-of-its-kind real-time crypto crime response network and an industry-wide project led by TRM Labs.
Developed in partnership with law enforcement, exchanges and stablecoin issuers, Beacon network aims at preventing illicit funds from leaving the blockchain.
Aside from Ripple, founding members include Coinbase, Binance, PayPal, Robinhood, Stripe, Kraken, Crypto.com, Zodia Custody, Blockchain.com, Anchorage Digital, Bitfinex, HTX, Poloniex, OKX, LFJ, 1inch, Rhino.fi, Coinspot and ChangeNow, among others.
As crypto crime evolves, fragmented responses allow bad actors to exploit gaps. Recent attacks have demonstrated how rapidly stolen funds may move.
The Beacon network allows verified investigators to flag addresses associated with financial crime, promptly alerting exchanges and initiating risk-based responses.
Ripple strengthens fight against crypto crime
The move steps up Ripple's effort in preventing crypto crime and positions the firm at the forefront of industry-wide security initiatives.
Since its inception, Ripple has moved against crypto scams, monitoring and ensuring the removal of fake ads and posts that promise fake XRP giveaways.
In response to these XRP giveaway scams as well as impersonations of its top officials, Ripple stated it recruited an external cybersecurity and digital threat intelligence vendor to assist in reporting and removing fraudulent XRP giveaways and other fake crypto promotions. Ripple has also undertaken efforts to educate consumers about scam threats and how to avoid them.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team