Seoul Police Freeze Assets Worth Billions After XRP Staking Scam Exposed

The XRP staking scam has resulted in losses near $19 million for 71 investors. The scheme used the name of a legitimate asset, FXRP, which is associated with Flare Network. The scammers promised monthly returns between 1.5% and 1.8%, exceeding rates available through legitimate digital assets.

The suspects allegedly opened the FXRP Network website on October 16, 2025, and operated it for only one week before disappearing on October 23. They claimed that deposits would support staking through FXRP, but in reality, the website had no legitimate relationship with either project.

Police believe the group timed the XRP staking scam around growing public attention toward FXRP, helping to make it appear connected to a real product launch. The promotion spread across various platforms, including Naver Blog and YouTube, where some videos used channel names resembling Upbit Developer and Ripple XRP.

The investigation has led to the arrest of three suspects under laws covering aggravated economic crimes, fraud, and unauthorized deposit-taking activities. Two were detained, while another was arrested without detention. Authorities have also secured an arrest warrant for the suspected ringleader and requested an Interpol Red Notice after determining that he was staying abroad.