Fake XRP Staking Site Steals 3.4M XRP From 71 Investors, Seoul Police Report

TL;DR

• A fake staking site stole 3.4 million XRP worth about $8.5 million from 71 investors during an eight-day operation last October before vanishing.
• Police say the operators impersonated Flare Network and FXRP, promised guaranteed returns, and built a fabricated trail to appear legitimate to researchers.
• Investigators traced $18.8 million, froze 17.3 billion won, executed 54 warrants, and continue pursuing a suspect overseas under an Interpol Red Notice while prosecutions advance.

A fake XRP staking platform operating for only eight days last October stole 3.4 million XRP from 71 investors, according to Seoul police. The assets were valued at 12.3 billion won, or about $8.5 million. Two men, both 29, have been referred to prosecutors on aggravated fraud charges. The scheme compressed extraordinary financial damage into barely more than one week, leaving average losses near 173 million won, or $119,000, per victim. The speed is unsettling because the website disappeared on October 23, shortly after receiving the targeted transfers, before authorities could intervene or warn others.

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