Korean Police Arrest Three in Fake XRP Staking Scheme

XRP's price has stabilized after slipping over the past 24 hours to around $1.08, despite a major fraud case in South Korea. Authorities arrested three suspects linked to a fake XRP staking scheme that stole 3.4 million XRP, worth about 12.3 billion won, from 71 investors.

An Interpol Red Notice remains active for a fourth suspect overseas. The Seoul Metropolitan Police Agency said the group operated the fraudulent website Fxrpntwork.com, promising monthly returns of 1.5% to 1.8% through blog posts, online articles, and YouTube videos.

Investigators tracked the stolen XRP on-chain and froze the suspects' wallets within three days of receiving the first report. The alleged ringleader was arrested after returning to South Korea, while two accomplices were caught fleeing within the country.