TRM Labs Launches Beacon Network, the Holy Grail of Stolen Crypto Recovery

TRM Labs has launched a beacon network that helps malicious hackers recover stolen digital assets before they cash out. Launch of Beacon Network TRM Labs, a leading blockchain solutions company committed to combating fraud, money laundering and financial crime, recently announced the launch of its Beacon Network.

The Beacon Network is the first public-private communications network designed to facilitate crackdowns on financial mishaps in the virtual world. For the first time in cryptocurrency history, there is now a bridge connecting legislative and law enforcement agencies to a centralized cryptocurrency exchange. According to TRM Labs, the development was heavily influenced by some of the most prominent players in the crypto space. Binance, Circle, Bittrex. TRM Labs CEO Esteban Castano says the new technology will combat malicious crypto hacks and help victims get their money back. “It is paramount that the public and private sectors have the tools to work together in real time to stop financial crimes and recover victim funds. The Web3 industry now has a trusted channel to cooperate on major incidents.2022 has brought some of the most terrifying moments for crypto-enthusiasts.The cryptosphere began earlier this year. It took a beating from the process, wiping out more than $3 trillion in market valuations. Additionally, crypto hacking is surging to an all-time high. According to BusinessWire, the victim has lost more than $3.7 billion of his money to the attackers so far. Although complicated, attackers typically send these funds to centralized exchanges immediately after the hack to liquidate their assets. Coupled with these exchanges, TRM's new technology provides an excellent opportunity for attackers to freeze aid before liquidating or withdrawing funds. 

A software glitch caused the company to lose $3 million worth of his BTC. Hundreds of customers reportedly took advantage of the glitch and withdrew 120 Bitcoins to Binance for liquidation. This innovative network stops similar transactions and helps investigators identify root causes and possible solutions to prevent such transactions from going unnoticed. Innovations like beacon networks are needed now more than ever, and investors can only hope that they will become available in the near future to secure cryptography.