Police in Seoul have dismantled an XRP staking scam that was promoted through YouTube, with three of four suspects arrested, according to Techub News, citing U.Today. Investigators said the group had operated a fake platform, Fxrpntwork.com, since October last year and defrauded 71 investors of about 3.4 million XRP, valued at roughly $8.5 million in the report.
The scheme was advertised through YouTube videos, blogs and online media articles. Victims were told they could earn monthly returns of 1.5% to 1.8%, with the platform also claiming principal protection. After investors bought XRP and sent the tokens to designated wallets, the platform was shut down.
Police said they traced and froze the wallets tied to the case within three days of the first complaint. The report added that the stolen funds were not withdrawn or moved because of the rapid response. A fourth suspect remains at large and is still being pursued by authorities.
Seoul police have broken up an XRP staking scam promoted through YouTube, with three of four suspects arrested.
According to Techub News, citing U.Today, the group had operated a fake platform, Fxrpntwork.com, since October last year and defrauded 71 investors of about 3.4 million XRP, valued at roughly $8.5 million.
Returns of 1.5% to 1.8% were used to attract investors
The report said the scam was marketed through YouTube videos, blogs and online media articles. The group promised monthly returns of 1.5% to 1.8% and claimed investors' principal would be protected. Victims were instructed to buy XRP and send it to designated wallets, after which the platform was shut down.
Police froze related wallets within three days
Police traced and froze the wallets tied to the case within three days of receiving the first complaint. According to the report, the stolen funds were not withdrawn or transferred because authorities moved quickly.
The fourth suspect is still being pursued.
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