South Korean Authorities Arrest Suspects in XRP Scam That Stole $8.6M

South Korean authorities have made several arrests in connection with a cryptocurrency scam that targeted XRP holders through a fake investment platform. The operation, which took place shortly after the Flare Network introduced its FXRP token in October 2025, promised monthly returns of 1.5% to 1.8%, claiming users' original deposits would remain protected.

The scammers created convincing online material to support their fake project and make it appear legitimate. Victims were instructed to move their XRP through overseas exchanges before sending funds to designated wallet addresses, making the transfers appear more credible while helping the organizers distance themselves from the stolen assets.

The website operated for slightly more than one week before shutting down without warning after attracting deposits of 3.4 million XRP worth roughly $8.6 million (12.3 billion won). During that period, seventy-one victims transferred funds into wallets controlled by the suspects.