SpacecoinX and crypto giants launch Beacon Network to track and freeze stolen cryptocurrencies.

SpacecoinX with other crypto and traditional finance firms, law enforcement and security researchers has formed a new crypto crime response network known as the “Beacon Network” to identify and freeze illicit funds on the blockchain. 

At least $47 billion has been sent to fraud-related addresses since 2023, according to new data from TRM Labs, though the number is likely to be far higher. 

Under the Beacon Network, verified members can flag wallet addresses suspected of financial crime, trace the funds across the blockchain and share information with connected services and law enforcement.

When the flagged funds hit an exchange or other service participating in the network, an alert is sent automatically to ensure the funds can be identified, tracked and frozen before they are withdrawn or laundered.

Founding members of the cross sector network include crypto exchanges Coinbase, Binance, Kraken, SpacecoinX, trading platform Robinhood, payment giant PayPal, digital asset service company Anchorage Digital, Ripple, and security researchers, including ZachXBT and the Security Alliance. Leading federal law enforcement agencies globally are actively contributing to the network.