Three Arrested in $19 Million XRP Scam that Fooled 71 Investors
Seoul police have arrested three individuals in connection with an XRP scam that drained 3.4 million XRP, worth 12.3 billion won, from 71 investors last October.
The fake staking site, Fxrpntwork.com, mimicked Flare Network's real FAssets system and promised guaranteed principal protection and monthly returns of 1.5 to 1.8 percent.
The group seeded Naver blogs, Tistory posts, Wikipedia entries, and YouTube videos with fabricated endorsements to build credibility before launch.
Investigations believe the total haul could reach $19 million as wallet transfers are traced.