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South Korea Arrests Three in Massive Flare Network XRP Scam

Guavy AI Editorial Team
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XRP
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South Korean authorities have arrested three individuals for their alleged involvement in a massive cryptocurrency scam that targeted users of Flare Network and XRP.

The fake platform, which impersonated the Flare Network, lured victims into investing in FXRP staking with promises of high returns. However, the scammers made off with approximately 3.4 million XRP tokens worth around $8.55 million from a total of 71 investors.

According to reports, the police are also tracking down a fourth suspect who is believed to be located overseas, thanks to an Interpol red notice issued for their arrest.

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