South Korean Scammers Arrested Over $19 Million XRP Staking Scheme

A South Korean XRP staking scam has been uncovered, targeting 71 investors and netting the scammers 3.4 million XRP, valued at around 12.3 billion won (approximately $8.5 million) when stolen.

The scheme, which operated under the name FXRP Network, promised monthly returns of 1.5% to 1.8%, using a legitimate asset name in an attempt to gain trust from investors.

According to investigators, the scammers timed their operation around growing public attention towards FXRP, a real XRP-linked asset associated with Flare Network.

The suspects used prepared scripts to direct victims through each transfer and avoided South Korea's Travel Rule checks by sending funds into wallets controlled by the scammers before selling them on the open market.