Key facts
- A fake Flare Network staking website defrauded 71 investors of 3.4 million XRP, valued at $8.5 million.
- The site impersonated Flare Network and its FXRP token, promising high monthly returns.
- Investors were directed to move XRP to wallets controlled by the alleged perpetrators.
- Two 29-year-old men have been referred to prosecutors on aggravated fraud charges.
- Police froze 17.3 billion won ($11.9 million) in assets linked to the scheme.
- A fourth suspect is overseas and subject to an Interpol Red Notice.
Seoul police are investigating a fake Flare Network staking website that allegedly defrauded 71 investors of 3.4 million XRP, valued at approximately $8.5 million. The site, Fxrpntwork.com, impersonated the legitimate Flare Network and its FXRP token, promising monthly returns of 1.5% to 1.8% with principal guaranteed. Authorities believe the total losses could reach up to $19 million in XRP. Two suspects have been detained on aggravated fraud charges, while police have secured an arrest warrant and requested an Interpol Red Notice for a third accomplice who is overseas. Police have frozen 17.3 billion won ($11.9 million) in assets linked to the scheme.