Cryptocurrency company, Ripple, escalates war against illicit activities in the crypto sphere with a fresh alliance, providing specifics.
In a move to bolster industry-wide security and protect consumers from crypto scams, Ripple has become a founding member of the Beacon network. This first-of-its-kind industry-wide project, led by TRM Labs, aims to address the issue of fragmented responses to crypto crime and the rapid movements of stolen funds.
The Beacon network was developed in partnership with law enforcement, exchanges, stablecoin issuers, and other key players in the cryptocurrency industry. Founding members, in addition to Ripple, include Coinbase, Binance, PayPal, Robinhood, Stripe, Kraken, Crypto.com, Zodia Custody, Blockchain.com, Anchorage Digital, Bitfinex, HTX, Poloniex, OKX, LFJ, 1inch, Rhino.fi, Coinspot, and ChangeNow.
Ripple's decision to join the Beacon network comes in response to XRP giveaway scams and impersonations of its top officials. The company has been monitoring and ensuring the removal of fake ads and posts promising fake XRP giveaways. To further strengthen its efforts against crypto crime, Ripple has recruited an external cybersecurity and digital threat intelligence vendor to help report and remove fraudulent XRP giveaways and other fake crypto promotions.
The Beacon network allows verified investigators to flag addresses associated with financial crime. When an address is flagged, the network initiates risk-based responses by alerting exchanges. This proactive approach is designed to prevent illicit funds from leaving the blockchain.
In addition to combating crypto scams, Ripple is also educating consumers about scam threats and how to avoid them. The new XRP project by Ripple is focused on ensuring the security and legitimacy of XRP transactions. The company is taking steps to protect consumers from crypto scams and ensure that the XRP ecosystem remains secure and trustworthy.
The Beacon network is a significant step forward in the fight against crypto crime. By addressing the issue of fragmented responses to crypto crime and the rapid movements of stolen funds, the network aims to make the cryptocurrency industry a safer place for consumers and businesses alike.
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