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

NewsFri, 31 Jul 2026 06:39:26 UTC1 hour ago

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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🇰🇷👮‍♂️ La police de Séoul a démantelé une plateforme frauduleuse de staking XRP ayant détourné près de 19 millions de dollars.

Selon les autorités sud-coréennes, trois personnes ont été arrêtées après avoir escroqué 71 victimes, en leur dérobant environ 3,4 millions de XRP, soit… pic.twitter.com/Xceb19aBnk
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Fake XRP Staking Scheme Stole $19 Million: Three Suspects Arrested

How the Fake XRP Staking Scheme Worked

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