A new crypto security network can help freeze stolen funds in minutes.
One of the biggest challenges of blockchain security is speed.
When attackers steal cryptocurrency, they usually don't leave it in one wallet.
They immediately start moving him.
across exchanges.
across blockchain.
Through bridges and hundreds of connected addresses.
Now blockchain intelligence company TRM LABS has launched a new service designed to help researchers respond much faster.
Meet the Beacon Concierge.
The service, announced on November 12, gives verified law enforcement agencies access to a coordinated system to track and attempt to freeze illicit cryptocurrencies.
And the scale of the underlying network is significant.
More than 200 participating organizations.
TRM claims that its Beacon Network includes exchanges, stablecoin issuers and other industry participants covering approximately 80% of global crypto trading volume.
When marked funds arrive at the participating organization, the average response time can be measured in MINUTES.
This is important because blockchain transactions can settle much faster than traditional investigation processes.
The new service helps agencies trace suspicious transfers, build evidence packages and communicate with the organizations that may have the ability to restrict assets.
And it is not limited to one blockchain.
Beacon supports investigations across multiple networks and asset types.
TRM says Concierge Beacon has already supported 15 cases for 14 agencies in 10 countries.
These cases resulted in the freezing of funds of more than 35 million dollars.
Across the wider Beacon network, participating organizations have blocked more than $200 million.
But the most interesting example comes from the massive Binance hack.
TRM says its network has identified more than 26,000 addresses on 14 blockchains while tracking stolen assets.