Fake Flare Network Staking Site Drained $8.5M in XRP: Seoul Police
South Korean police say a fake crypto staking site operated for eight days last October stole 3.4 million XRP from 71 investors, totaling 12.3 billion won ($8.5 million). Two 29-year-old men have been referred to prosecutors on aggravated fraud charges, and a 34-year-old stand-in used in promotional videos has also been charged. The site impersonated Flare Network and its FXRP token, promising 1.5% to 1.8% monthly returns with principal guaranteed. Victims were told to move XRP off domestic exchanges into wallets controlled by the group, after which the site shut down and the operators vanished. Police said the group spread fake corroboration through blogs, news posts, Wikipedia, and YouTube. Investigators have traced 27.3 billion won through related wallets, suggesting more victims may exist. One suspect remains overseas under an Interpol Red Notice.
