Seoul police said a fake staking site operating for eight days last October drained 3.4 million XRP from 71 investors, worth 12.3 billion won ($8.5 million). Two men, both 29, have been referred to prosecutors on aggravated fraud charges. The site impersonated Flare Network and its FXRP token, promising monthly returns of 1.5% to 1.8% with principal guaranteed. Police froze 17.3 billion won in assets and traced 27.3 billion won through linked wallets, a figure exceeding confirmed losses and indicating additional victims.
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