Three Arrested, One Sought Overseas for $8.55 Million Crypto Scam

Three individuals have been arrested and one more is being pursued internationally in connection with a cryptocurrency scam that defrauded investors out of 12.3 billion won (approximately $8.55 million).

The suspects, who operated under the fraudulent website 'Fxrpntwork.com', targeted 71 investors by promising guaranteed returns of 1.5 to 1.8 percent per month.

The group promoted their fake platform through online articles and YouTube videos before instructing victims to transfer their XRP coins from domestic exchanges to designated wallets via an overseas exchange.

Police managed to limit the losses by tracing transaction paths and freezing the suspects' crypto wallet within three days of receiving intelligence on the scam.