XRP Scam Wave Hits South Korean Investors

A warning has been issued to XRP holders regarding a sophisticated phishing scam targeting the community. According to Joren Lundgren, founder of Xora Finance, there is an ongoing operation where scammers are cloning Flare Network, XORA, and other XRP brands to deceive investors.

The scam has already resulted in significant losses, with 71 investors being robbed of 3.4 million XRP worth around $8.5 million, according to Seoul police. South Korean authorities are investigating fake staking sites, with estimated losses exceeding ₩20B, approximately US$13.4M.

Xora Finance urges XRP holders to exercise caution and avoid ads and direct message links. Xaman wallet has also issued a warning, reiterating its stance on never DMing or emailing users, issuing tokens or airdrops, or providing support outside the app.