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Fake Flare Network Staking Site Swindles South Korean Investors Out of $19 Million

Guavy AI Editorial Team
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XRP
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A fake staking site for Flare Network has swindled South Korean investors out of $19 million in XRP. The scam, which ran from October 16 to October 23, 2025, promised monthly returns of 1.5% to 1.8% on deposits.

The scammers built credibility by using the name of a genuine blockchain project and spreading fake advertising across Naver blogs, online news articles, Wikipedia, and YouTube.

Two men have been detained on aggravated fraud charges, while a third accomplice remains at large overseas. The Seoul police obtained an arrest warrant and requested an Interpol Red Notice for the fugitive.

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