Fake XRP Staking Site Scams $8.5 Million From 71 Investors

A fake XRP staking platform has stolen $8.5 million from 71 investors in just eight days, according to Seoul police.

The operators impersonated Flare Network and FXRP, promising monthly returns between 1.5% and 1.8%, while guaranteeing the principal amount. Investors were instructed to move XRP away from domestic exchanges, route it through overseas platforms, and deposit it into wallets controlled by the group.

The site disappeared on October 23, after receiving the targeted transfers, leaving authorities unable to intervene or warn others. The speed of the scam is unsettling, with average losses near $119,000 per victim.