$13M in XRP Assets Frozen as Seoul Police Crack Down on Phishing Scheme
Seoul police have frozen $13 million in assets related to an XRP phishing scheme that targeted investors last October. The operation, which mimicked a legitimate staking platform associated with Flare Network and its FXRP token, resulted in losses of $8.5 million for 71 victims.
The suspects allegedly seeded online news articles, portal blogs, and Wikipedia entries with misleading information about the staking site to create an appearance of legitimacy. They also produced YouTube videos featuring a paid stand-in to assure users of authenticity.
According to investigators, the average loss per affected investor was approximately $119,000 incurred during the single week the site was online. Authorities emphasized that 'the fraudulent group manipulated online content and social media, so anyone seeking to verify the project encountered what appeared to be independent endorsements.'