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Police arrest group over fake XRP staking scam tied to 12.3 billion won theft

Police arrest group over fake XRP staking scam tied to 12.3 billion won theft

Seoul police said 71 victims lost 3.4 million XRP in a bogus Flare Network-linked investment scheme, while investigators traced larger wallet flows that suggest additional victims and losses beyond the confirmed total.

XRP
FLR

Fact Check
The primary Korean source (Newsis) and its Naver reprint confirm all core claim elements: three suspects detained in a fake XRP staking scam impersonating Flare Network and FXRP, ~3.4 million XRP siphoned from 71 victims (₩12.3 billion), and a fourth suspect sought abroad via Interpol Red Notice. The Block and CoinNess independently corroborate the same figures. The only inconsistency is an aggregator bullet mistyping '340 million XRP', but the authoritative Newsis text and the claim agree on 3.4 million XRP, so the claim is accurate.
Summary

Seoul police said a fake XRP staking-style investment scheme stole 3.4 million XRP, worth about 12.3 billion won, or roughly $8.5 million, from 71 investors after promising monthly returns of 1.5% to 1.8% with principal guaranteed. Investigators said the fraudulent site, Fxrpntwork(dot)com, operated from Oct. 16 to Oct. 23, 2025, impersonated Flare Network, and then vanished after collecting customer funds. Three of four suspects have been taken into custody, while police traced 27.3 billion won through linked wallets and said the larger amount suggests additional victims and losses beyond the confirmed figure.

Terms & Concepts
  • Interpol Red Notice: An international request to law enforcement agencies worldwide to locate and provisionally arrest a wanted person.
  • staking: A crypto yield arrangement in which users are asked to lock tokens in exchange for promised returns.
  • XRP: A cryptocurrency used on the XRP Ledger.