Overview
- A fraudulent site called Fxrpntwork.com ran in October 2025 and persuaded 71 investors to send about 3.4 million XRP, roughly 12.3 billion won, by promising fixed monthly returns.
- An overseas exchange tipped off investigators and Seoul police executed 54 search and seizure warrants, tracing transactions and freezing about 17.3 billion won across foreign exchanges within three days.
- As of July 30, 2026, three suspects have been arrested or referred to prosecutors and authorities have sought an Interpol Red Notice for a fourth suspect believed to be overseas.
- Blockchain tracing linked roughly 27.3 billion won of flows to the operation, leaving about 10 billion won moved and unaccounted for and suggesting total losses could be higher than the 12.3 billion won confirmed.
- Police say the group impersonated Flare Network and FXRP, seeded false blogs, news posts, Wikipedia entries and YouTube videos, and directed victims to route XRP through overseas exchanges to reach wallets the scammers controlled, and investigators warned investors to verify claims against official project channels.