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Fake XRP Staking Scheme Stole $19 Million: Three Suspects Arrested

Fake XRP Staking Scheme Stole $19 Million: Three Suspects Arrested

South Korean police arrested three suspects behind a fake XRP staking scheme that defrauded 71 investors, with criminal proceeds reaching roughly $19 million. The case shows why the country’s intense retail trading culture attracts increasingly sophisticated crypto fraud.

How the Fake XRP Staking Scheme Worked Staking involves locking cryptocurrency to secure a network in exchange for rewards. The Seoul Metropolitan Police Agency announced Thursday that its cyber unit dismantled an operation exploiting that concept.

Officers charged them with aggravated fraud and violating the Similar Reception Act. Two were taken into custody. The scheme began in October last year. The suspects launched a site branded around FXRP networks, promising monthly returns of 1.5% to 1.8% for staking XRP.

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