- Ripple and Binance unite with TRM Labs to fight crypto crime.
- Beacon Network launches to block stolen funds before leaving blockchain.
- Ripple CEO warns XRP holders as scams surge during market rally.
Ripple and Binance have joined TRM Labs as founding members of the Beacon Network, a real-time crime response system created to fight crypto-related fraud and theft. The initiative unites key exchanges, payment providers, and law enforcement agencies worldwide to prevent stolen funds from exiting the blockchain.
According to TRM Labs, Coinbase, Kraken, Crypto.com, OKX, Robinhood, PayPal, Stripe, and Anchorage Digital are also founding members. The system enables users to post warnings about suspicious wallet addresses, and police agencies assist in marking high-risk transactions related to illegal activities.
Also Read: Ripple Workshop Reveals How Custody Will Shape the Next Era of Stablecoins
Collective action to block criminal funds
Security researchers, including ZachXBT, Security Alliance (SEAL), and zeroShadow, will support the effort by monitoring blockchain activity and identifying threats in real time. Their contribution will boost coordination among industry players and law enforcers and minimize the possibility of criminals using exchanges to cash out their illicit funds.
The need for such collaboration is evident, with TRM Labs reporting that over $47 billion in cryptocurrencies has been transferred to fraud-linked addresses since 2023. Hacks and scams cost more than $2.3 billion in 2025 alone.
The biggest one was the hack of the Bybit exchange, where criminals transferred funds in thousands of transactions within weeks and took away $1.5 billion. Binance was instrumental in helping Bybit freeze some of the stolen money. A second $44 million hack at CoinDCX piled on the worries about how fast the criminals can transfer funds between exchanges.
With the formation of the Beacon Network, Ripple, Binance, and other members hope to build a more rapid and synchronized defense mechanism. The project is projected to enhance confidence in the digital asset industry by restricting criminals’ access to off-ramps.
Ripple CEO Issues Warning to XRP Holders
In July, Ripple CEO Brad Garlinghouse warned XRP holders about a surge in online scams amid rising token prices. He stated that hacked YouTube accounts had been re-branded to look like Ripple and post fraudulent XRP giveaways.
Garlinghouse emphasized that he or Ripple would never ask users to send XRP. He encouraged the community to be vigilant and report any type of fraud that occurred when the market was rallying.
The launch of the Beacon Network and Garlinghouse’s warning underline the urgent need for investor protection. Together, these efforts reflect a more substantial industry-wide commitment to combating crypto crime.
Also Read: Bybit Proof of Reserves Reveals Trillions in Shiba Inu Holdings
