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Web3: South Korean police bust XRP staking scam involving approximately $19 million.
Coinpedia
07-31 01:56
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South Korean police say a fraudulent scheme impersonating an XRP staking platform has resulted in the loss of approximately 3.4 million XRP tokens, amounting to about $19 million, and some of the assets have been frozen.
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Seoul police in South Korea have announced the arrest of three suspects in a cryptocurrency scam involving XRP staking, with two of them currently in custody. Police stated that 71 investors have been defrauded of approximately 3.4 million XRP, worth about 12.3 billion won (approximately US$19 million) at the time of the scam, and the actual scale of the case may expand further.

Using the guise of a real project to package a scam

Police say the suspect launched a fake investment website called "FXRP Network" last October, claiming that users could earn a fixed monthly return of 1.5% to 1.8% by depositing XRP tokens.

This claim is misleading because it borrows the real concepts of Flare Network and FXRP. Flare Network is a real blockchain project, and FXRP is a real asset pegged to XRP. Investigators believe the suspects deliberately chose to commit the fraud around the time of FXRP's official launch to increase its credibility.

Police stated that this fraudulent collateralized lending service promised higher returns than legitimate products. The website shut down less than a month after its launch, and investors were subsequently unable to recover their assets.

Transferring funds through overseas exchanges

Victims were instructed to first transfer XRP from a domestic South Korean exchange to a designated wallet, and then complete the transfer through an overseas exchange. Police believe this scheme was designed to circumvent South Korea's travel regulations.

Under current South Korean regulations, virtual asset transfers exceeding 1 million won require verification of both the sender and recipient information. Police stated that the suspect, after receiving XRP, sold the assets to an over-the-counter dealer and then converted them into Korean won.

  • Confirmed victims: 71
  • Confirmed assets lost to fraud: approximately 3.4 million XRP
  • Confirmed amount involved: approximately 12.3 billion Korean won

Police freeze some assets within three days

Police stated that the initial leads came from overseas exchanges. These exchanges ed law enforcement after discovering multiple instances of this new "FXRP Staking" scam within a short period.

Investigators then used blockchain tracking technology to trace the flow of the stolen funds and, within three days of receiving the tip, froze approximately 17.3 billion won in virtual assets on several overseas exchanges.

Currently, South Korean police have taken action against those involved in the case under the Act on Aggravated Punishment of Specific Economic Crimes, the Criminal Code, and the Act on Similar Confidential Act. Police also stated that the main perpetrator is currently overseas, and an arrest warrant has been applied for and an Interpol Red Notice has been issued. They are also continuing to track down other accomplices involved in building and promoting the website.

Additional information:Police believe the total amount of fraud in this case may reach 27.3 billion won, meaning there may be more victims and additional funds involved.

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