“Fraud alert network. The cryptosist is not only the target of hacker attacks and other attacks, but also the unconscious accomplice of money laundering, and exchanges are the main side victims. To counteract this threat, key players of the industry combine efforts to create a Beacon Network network to detect and block illegal transactions before they are completed. Key points in this article: Beacon network […]”, – WRITE: Businessua.com.ua
Fraud alert network. The cryptosctor is not only the target of hacker attacks and other attacks, but also unconsciously accomplice of money laundering, And exchanges are the main side victims. To counteract this threat, key players of the industry combine efforts to create a Beacon Network network to detect and block illegal transactions before they are completed.
The key points of this article:
- The Beacon network was created by TRM Labs to counteract constant attacks in the cryptocurrency industry.
- This network Real -time notifications allow companies in a cryptoecosystem to exchange information to detect and block illegal transactions.
Faced with increasing the number of hacker attacks and other attacks, players cryptoecosystems have to react. That’s what made TRM labs in its project Beacon Network whose purpose is to create Alert Network in Real Time that detects and blocks illegal transactions to their completion .
In practice, this network will allow participating companies to exchange information about threats in real time. On paper it allows you to quickly identify suspicious activity and take steps to counteract it before it causes too much harm .
Participants include large exchanges such as Binance, Coinbase, Kraken, Okx, Crypto.com and Poloniex, as well as companies like a basis Ripple , Paypal and Stripe . It is worth saying that The composition of participants Quite serious.
Known names in the cryptoecosystem have launched a new network to combat money laundering through exchanges.
Important tool to combat money laundering with cryptocurrency As we have seen, this Beacon Network network aimed at fighting with breakage and others Attacks but not only! It is also an important tool in combating money laundering that remains a constant problem in the cryptocurrency sector.
Although industry critics regularly exaggerate this trend, it is really exists and it is largely related to pseudonym transactions. Therefore, well -trained criminals can be used to some extent cryptocurrencies for money laundering received from illegal activities. And they don’t hesitate to do it!
That is why this new project It aims intervene on key stage the money laundering process: at the moment when hackers are trying convert their funds into fiat currencies through stock exchange platforms . If the latter are able detect and block These transactions before their completion, criminals will no longer be able to act freely.
The fight against money laundering and terrorism financing has become the main task of international regulatory bodies aimed at cryptocurrency. This despite a few reports that indicate that Other channels are mostly used criminal organizations without borders. But this new tool has an advantage in its existence and can help clean the ecosystem.
Source: Journalducoin.com
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