Fake XRP staking scam busted in South Korea

Three arrested, one sought after a fake XRP staking site stole 12.3B won from 71 investors. Police froze assets and continue investigating, with losses possibly higher.

South Korean authorities have arrested three individuals and are seeking an Interpol Red Notice for a fourth suspect linked to a cryptocurrency scam. The group defrauded 71 investors of approximately 3.4 million XRP, valued at 12.3 billion won (about $8.55 million). The suspects operated a fraudulent website, Fxrpntwork.com, which mimicked the Flare Network and promised guaranteed principal protection and fixed monthly returns of 1.5% to 1.8%. They promoted the scam through blogs, online articles, and YouTube, convincing victims to transfer XRP to wallets controlled by the group via an overseas exchange. After receiving the funds, the suspects shut down the website and went into hiding. Police launched an investigation in October 2025, quickly tracing transactions and freezing the suspects' crypto wallet within three days of a tip-off. The ringleader and two accomplices were arrested, and authorities continue to investigate, with total losses possibly reaching 27.3 billion won as more victims are identified.