South Korea police arrest trio behind 273 billion‑won Ripple staking fraud

Seoul police captured three suspects accused of operating a counterfeit Ripple (XRP) staking platform called “FXRP Network.” The scheme ran from October 16 to 23, 2023 and attracted 71 investors, extracting an estimated 273 billion won (about $200 million). Victims were promised a monthly return of 1.5‑1.8% and guaranteed principal, leading them to transfer XRP to wallets controlled by the fraudsters.

Suspects identified as A (29), B (29) and C (34) were arrested; A and B have been detained pending trial, while C is expected to be transferred. A fourth accomplice, D (29), remains abroad and has been placed on an Interpol red notice. Authorities froze roughly 173 billion won of the stolen cryptocurrency and are pursuing full recovery of the proceeds.