South Korea Police Bust Fake XRP Staking Site Scam

South Korean police have arrested three suspects accused of stealing over $12.3 million in XRP through a fake staking site that promised fixed monthly returns.

The scam, which targeted 71 victims who transferred around 3.4 million XRP, may have caused wider damage of up to $27.3 billion won, according to police.

The suspects used the names of Flare Network and FXRP to make the site appear real, promoting it through various online platforms including Naver Blog, YouTube, and Wikipedia.

Policing authorities have frozen around 17.3 billion won in virtual assets across several overseas exchanges and are seeking an Interpol red notice for a main suspect believed to be staying abroad.