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South Korean Scammers Drain $19 Million from XRP Investors

Guavy AI Editorial Team
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XRP
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A South Korean scam has drained $19 million from investors after promising them monthly returns of 1.5% to 1.8% on XRP deposits.

The scammers used a fake Flare Network staking site, which operated from October 16 to October 23, 2025, and built credibility by using the name of a genuine blockchain project and spreading fake advertising across Naver blogs, online news articles, Wikipedia, and YouTube.

Two men were detained on aggravated fraud charges, but a third accomplice remains at large in an unknown overseas location.

The Seoul Metropolitan Police Agency is investigating and has obtained an arrest warrant for the fugitive, requesting an Interpol Red Notice as well.

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