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TRM Labs Launches Beacon Network to Help Recover Stolen Crypto

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Quick take:

  • TRM Labs has launched Beacon Network for web3 incident response.
  • The network connects law enforcement agencies with crypto service providers.
  • Beacon Network leverages TRM’s forensics interface to secure communication between incident response teams.

TRM Labs has launched Beacon Network, the first public-private communication network for web3 incident response. 

The network creates a link between law enforcement agencies and crypto services providers including exchange platforms, decentralised finance protocols, gaming ecosystems and NFT marketplaces in the aftermath of critical incidents like crypto hacks to increase the chances of recovering stolen funds before they are withdrawn or cashed out.

The network has already been adopted by some of the leading web3 companies including Binance, Circle and Bittrex.

In August, the world’s largest NFT marketplace OpenSea revealed that it was updating its stolen items policy to accelerate the process of re-enabling trading and transfer of flagged assets.

The company said it liaises with US law enforcement authorities over a  seven-day period to determine if an asset is really stolen.

Beacon Network takes this relationship to a higher level by providing verified points of contact directly through the TRM Forensics interface to enable faster, secure communication between incident response teams.

This makes it easier to flag stolen crypto and prevent hackers from withdrawing funds. The announcement of Beacon Network comes at the back of one of the biggest crypto exploits with the industry losing $3.7 billion to hackers in 2022, according to TRM data.

Ideally, hackers move fast to cash out stolen crypto via exchange platforms or crypto mixing platforms. This is the crucial point where law enforcement agencies can step in and prevent further transactions by the hacker by freezing the stolen funds.

Beacon Network is a collaborative effort of financial intelligence units (FIUs), law enforcement agencies and virtual asset service providers (VASPs) worldwide. TRM boasts a law enforcement team comprising the UK’s National Crime Agency, INTERPOL, Australian Federal Police, IRS-Criminal Investigation, DEA, HSI, FBI, U.S. Secret Service, and the U.S. Department of the Treasury, among others.

“With crypto, threat actors can move illicit funds at the speed of the internet,” said Esteban Castaño, CEO of TRM Labs. “It’s paramount that the public and private sectors have tools to collaborate in real-time, stop financial crime, and recover funds for victims. With the Beacon Network, our law enforcement customers and the wider Web3 industry now have a trusted channel to collaborate on critical incidents.”

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