XRP Price Stabilizes After South Korean Police Crack Down on Fraudulent Scam
The XRP price has stabilized despite a recent dip, trading at around $1.08 after South Korean authorities arrested three suspects in a fraudulent XRP staking scheme.
According to reports, the group operated the website Fxrpntwork.com, promising investors monthly returns of 1.5% to 1.8% through blog posts and YouTube videos.
Investors lost around 3.4 million XRP, worth approximately 12.3 billion won, with authorities tracing the stolen funds on-chain and freezing the suspects' wallets within three days of receiving the first report.
The case reflects South Korea's tougher approach toward crypto-related fraud, highlighting blockchain's transparency in helping investigators track down scams targeting retail investors through fake investment platforms.