Ripple strengthens its fight against crypto crime with a new partnership: More Information

In a tweet, Ripple announced that it has become a founding member of the newly launched Beacon Network.

The beacon network, developed in collaboration with law enforcement, exchanges and stubcoin issuers, aims to prevent illegal funds from leaving the blockchain.

Apart from Ripple, founding members include Coinbase, Binance, PayPal, Robinhood, Stripe, Kraken, Crypto.com, Zodia Custody, BlockChain.com, Anchorage Digital, Bitfinex, HTX, Poloniex, Okx, LFJ, 1inch, Rhino.fi, Coinspot, Chanenow, Chanenow, Coinspot, and more.

As code crime evolves, fragmented responses allow bad actors to exploit the gap. Recent attacks have shown how rapidly funds are being stolen.

The beacon network allows validated investigators to flag addresses related to financial crimes, promptly alert them to exchanges and start risk-based answers.

Ripple strengthens the fight against crypto crime

The move has stepped up Ripple’s efforts to prevent crypto crime and positioned businesses at the forefront of industry-wide security initiatives.

Since its founding, Ripple has opposed crypto fraud and has monitored and secured the removal of fake ads and posts that promise fake XRP presents.

In response to these XRP giveaway scams, like its senior official spoofing, Ripple said it recruited external cybersecurity and digital threat intelligence vendors to help report and remove fraudulent XRP giveaways and other fake crypto promotions. Ripple has also made efforts to educate consumers on the threat of fraud and how to avoid them.