Key Highlights:
- A fake Flare Network staking website stole $8.5 million in XRP.
- The scammers created fake articles, videos and Wikipedia pages to appear legitimate.
- Police have frozen part of the stolen funds and charged multiple suspects.
South Korean police say a fake cryptocurrency staking platform impersonating Flare Network stole 3.4 million XRP, worth approximately $8.5 million, from 71 investors.
The fraudulent website promised guaranteed monthly returns and convinced victims to transfer their XRP into wallets controlled by the attackers before disappearing after only eight days.
Investigators say the group built credibility by publishing fake blog posts, news articles, YouTube videos and Wikipedia entries designed to make the project appear legitimate.
Authorities have frozen approximately $12 million worth of assets linked to the operation, while prosecutors have charged several suspects with aggravated fraud. Police believe additional victims may still come forward.
