$8.5M Stolen from Flare Network Investors in Fake Staking Site Scam

A fake Flare Network staking site has been exposed for draining $8.5 million from dozens of investors, who were promised easy yields in the form of XRP.

The scam ran from October 16 to 23 last year, with the scammers creating a fraudulent website using the name of a genuine blockchain project.

The fake site tricked victims into depositing XRP under the promise of receiving a return of 1.5% to 1.8% every month, according to authorities.

Seoul police have detained two men on aggravated fraud charges and are searching for a third accomplice who is believed to be at large overseas.

The investigation suggests that the scam could be much larger than initially thought, with potential losses estimated to reach up to $19 million in XRP.