$8.5M Stolen as Scammers Use Fake Investment Site to Lure XRP Holders
South Korean police have arrested a group of individuals for allegedly running a fake investment scam that targeted XRP holders. The suspects operated a website called Fxrpntwork.com, which promised investors fixed monthly returns of 1.5% to 1.8% on their XRP investments.
The site was set up during October 16-23, 2025, and 71 investors fell victim to the scam, transferring their XRP holdings stored in South Korean crypto exchanges to wallets controlled by the group via overseas exchanges. The police accused the group of stealing approximately 3.4 million XRP coins worth 12.3 billion Korean won ($8.5 million).
The group impersonated legitimate crypto projects Flare Network and FXRP, using phrases like 'investment principal guaranteed' and 'fixed returns' to lure victims into investing. The site shut down on October 23, and the suspects disappeared.