South Korean authorities have dismantled a cryptocurrency fraud scheme exploiting interest in the Flare Network’s FXRP token, launched in October 2025. Seventy-one victims transferred approximately 3.4 million XRP, equivalent to $8.6 million, to fraudulent platforms promising monthly returns of 1.5% to 1.8%. The scam operated for just over one week before shutting down. Three men in their late twenties to thirties were arrested in South Korea, with two facing aggravated fraud charges, while a third suspect remains overseas under an international alert. Investigators froze approximately $12.1 million on foreign exchanges, but the remaining funds have not been recovered.
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