TRM Labs, a prominent blockchain company, has launched a new tool, Beacon Network. This tool helps users recover stolen crypto assets before fraudsters transfer their loot.
According to reports, TRM Labs has introduced a new technology, the Beacon Network. The tools help victims of crypto theft recover their assets.
Meanwhile, TRM has been campaigning against financial crime, money laundering, and fraud. It is the first company that helps combat crypto crimes in the digital world.
The Beacon Network will connect law enforcement bodies and legislative administrators with VASPs (Virtual Asset Service Providers). According to the company, several big names in the crypto sector contributed to the development of the technology.
They include Bittrex, Circle, and Binance. Esteban Castano, TRM Labs’ CEO, assured the crypto community that the technology would stop all crypto hacks.
Also, users can recover their stolen assets. “It is imperative for the private and public sectors to have such tools. These tools would help to stop crimes in real-time and recover all stolen assets,” Castano added.
The CEO also said the Beacon Network would serve the Web3 industry and assist law enforcement agencies.
Meanwhile, 2022 has sent chills across the crypto industry. Several crypto-based firms, including investors, have recorded considerable losses worth billions of dollars.
The bearish crypto market has wiped over $3 trillion from the crypto market and isn’t over yet. Nevertheless, crypto enthusiasts believed the crypto market’s value would still skyrocket.
Increase In Crypto Hacks In 2022
Additionally, the number of crypto hacks has grown massively in 2022. BusinessWire reports that victims of such hacks have lost more than $3.7 billion.
Meanwhile, these crypto hacks are pretty complex. After such hacks, the attackers move the funds to CEX (centralized exchanges).
The purpose is to allow them to liquidate those digital assets. TRM’s latest technology would benefit exchange platforms.
It would allow them to freeze such assets before the fraudsters withdraw or liquidate them. One instance was a software error on the Coinberry exchange some months back.
The company lost over $3 million worth of Bitcoins. In addition, reports alleged that several users capitalized on the bug and transferred 120 BTC to Binance for subsequent liquidation.
However, the emergence of the Beacon Network tool will prevent such occurrences. It will allow investigators to determine the cause of the attack and how to prevent future occurrences.
The crypto community needs such technologies that can help them recover stolen crypto. This would benefit those who fall into crypto scams and want to recover their crypto assets.
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