Overview
- Police say a fraudulent site called Fxrpntwork.com ran for about eight days in October 2025 and convinced 71 investors to transfer roughly 3.4 million XRP, equal to about 12.3 billion won.
- The operators impersonated the Flare Network and FXRP token, promising guaranteed principal and fixed monthly returns to persuade victims to withdraw XRP from domestic exchanges.
- Investigators traced about 27.3 billion won through wallets tied to the group and quickly froze roughly 17.3 billion won on overseas exchanges, but about 10 billion won moved and remains unaccounted for.
- Seoul police executed 54 search warrants, arrested three suspects and referred some to prosecutors while requesting an Interpol Red Notice for a fourth person believed to be abroad.
- The case highlights how fake online articles, portal posts and paid videos can manufacture credibility and shows both the value and limits of blockchain tracing for recovering stolen crypto.