South Korean Authorities Dismantle $8.55 Million Ripple Crypto Scam
South Korean authorities have dismantled a massive cryptocurrency scam worth US$8.55 million, arresting three suspects and issuing an Interpol Red Notice for a fourth.
The scam, which targeted 71 individual investors, used the lure of guaranteed astronomical yields on Ripple (XRP) coins to extract 12.3 billion won from retail investors.
The scammers operated through a fabricated trading platform called Fxrpntwork.com, promising victims a risk-free proposition with fixed monthly dividends ranging between 1.5 and 1.8 percent.
Police investigators were able to intercept a portion of the stolen funds before they could be fully laundered through cryptographic mixers, limiting investor losses.
The primary ringleader was captured at an undisclosed safehouse within South Korea immediately after attempting to re-enter the country from a foreign jurisdiction.