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cryptoJul 30, 2026, 3:00 PM

Seoul Police Arrest Three in $8.5M XRP Scam Impersonating Flare Network and Ripple

South Korean authorities detained three individuals for defrauding 71 investors of 3.4 million XRP (approx. $8.5 million) by posing as Flare Network developers and offering a fake Ripple staking service.

XRPUSD

Seoul police have arrested three members of a fraudulent group that stole 3.4 million XRP—worth roughly $8.5 million—from 71 investors. The suspects allegedly impersonated developers from the Flare Network ecosystem to gain victims' trust.

The criminals promoted a fake XRP staking service, falsely claiming it was backed by Ripple. They lured investors with promises of monthly returns between 1.5% and 1.8% and a full guarantee on deposited funds.

Authorities intervened and took the three individuals into custody. No further details about the legal proceedings or asset recovery have been made public.

Source: ForkLog