South Korea Arrests Suspects in Fake FXRP Scam That Stole $8.6M in XRP
South Korean authorities have uncovered a cryptocurrency fraud case that exploited interest in a newly launched blockchain token. The operation targeted XRP holders through a fake investment platform that disappeared after collecting millions of dollars in digital assets.
Authorities launched their investigation after an overseas cryptocurrency exchange flagged suspicious transactions. Within three days of receiving the alert, investigators traced the activity and froze digital wallets holding most of the stolen assets.
How the Scam Worked According to the probe, the fraudulent website appeared shortly after the Flare Network introduced its FXRP token in October 2025. The platform promised monthly returns of 1.5% to 1.8% while claiming users’ original deposits would remain protected.
The investigation found that the group created convincing online material to support the fake project and make it appear legitimate. False reference pages, blog posts, online articles, and promotional videos were published to strengthen trust among potential victims.
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