South Korea Police Arrest Three in $12.3M XRP Staking Fraud Case

TLDR

• South Korean police arrested three suspects over a fake XRP staking site.
• Seventy-one victims sent 3.4M XRP worth about 12.3B won.
• Police say total damage may reach 27.3B won as more victims are investigated.
• Authorities froze 17.3B won in virtual assets within three days of a tip.
• Police are seeking an overseas suspect through an Interpol red notice.

South Korean police have arrested three suspects accused of stealing about 12.3 billion won in XRP through a fake staking site that promised fixed monthly returns.

Police Say Fake FXRP Site Targeted XRP Investors

The Seoul Metropolitan Police Agency’s Cyber Investigation Unit said the suspects were arrested on fraud-related charges. Two of them were sent to prosecutors under detention, while police continue investigating another suspect.

The case centers on a fake investment website called “Fxrpntwork.com,” which opened in October last year. Police said the group claimed investors could earn monthly returns of 1.5% to 1.8% by staking XRP through a new FXRP network.

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