$8.5 million in XRP Stolen via Fake Investment Scam
South Korean police arrested a group for allegedly running a fake investment site, Fxrpntwork.com, between October 16 and 23, 2025, which promised fixed monthly returns on XRP investments. The scam targeted 71 investors who were deceived into transferring their holdings to wallets controlled by the suspects via overseas exchanges. Police allege that approximately 3.4 million XRP coins—worth around $8.5 million at the time of theft—were stolen. The group impersonated legitimate crypto projects, Flare Network and FXRP, to make their site appear credible. They promoted it through blogs and YouTube videos using misleading phrases like “investment principal guaranteed.” After victims transferred funds, the site shut down on October 23, and suspects disappeared. Police froze $11.9 million in virtual assets but noted that around $7 million remains unaccounted for as it was moved during the investigation. Authorities warned investors to verify information from official sources before investing and emphasized strict action against cyber fraud involving cryptocurrencies.
Tickers: $XRP
Topics: crypto fraud investment scam South Korea police XRP theft