South Korean police arrested three suspects behind a fake XRP staking scheme that defrauded 71 investors for a total of approximately $19 million. Victims transferred roughly 3.4 million XRP, worth about $8.6 million, to a fraudulent platform mimicking a legitimate staking service on the Flare network. Police froze approximately $12.1 million abroad within three days and issued an Interpol red notice for the main suspect, who remains abroad. The scheme exploited South Korea’s intense retail trading culture, where XRP commands nearly four times the trading volume of Bitcoin on leading platforms.
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