XRP Scam Ring Arrested After Stealing $9M From 71 Investors

South Korean police arrested three suspects accused of stealing 12.3 billion won, or about $9 million, from 71 XRP investors. Investigators traced 27.3 billion won through related wallets, indicating that total losses could rise.

The suspects allegedly promoted Fxrpntwork.com through portal blogs, online articles, and Youtube videos while promising guaranteed principal and monthly returns between 1.5% and 1.8%. Investors were instructed to move XRP from South Korean exchanges through overseas platforms before transferring the assets into wallets controlled by the group.

Seoul police warned prospective cryptocurrency investors to verify official sources carefully before transferring assets to unfamiliar wallets or unverified platforms:

“Do not be misled by unverified information on YouTube or other platforms. Verify official sources before investing.”

Investigators arrested two 29-year-old suspects and plan to refer the case against a 34-year-old alleged accomplice to prosecutors while pursuing another 29-year-old suspect abroad. Police obtained an Interpol Red Notice for the overseas suspect and continued examining additional participants accused of building and promoting the fraudulent website.

Impersonation scams involving XRP have increasingly relied on counterfeit promotions, fabricated endorsements, and promises that victims will receive more tokens after sending funds.

South Korean investigators froze 17.3 billion won in virtual assets shortly after detecting the alleged scheme, although approximately 10 billion won moved during the investigation. Wallet analysis later identified 27.3 billion won in transfers connected to the addresses, prompting authorities to examine whether additional victims and accomplices remain unidentified.