A fake staking site impersonating Flare Network and its FXRP token ran for eight days in October 2025, draining 3.4 million XRP from 71 investors, according to Seoul police. The stolen XRP was valued at 12.3 billion won, approximately $8.5 million.
Amount of XRP taken from 71 investors by the fake staking site.
Two men, both aged 29, have been referred to prosecutors on suspicion of aggravated fraud charges. The fake site was Fxrpntwork.com, and it promised monthly returns of 1.5% to 1.8% with principal guaranteed. Investors were directed to move XRP off domestic exchanges to wallets controlled by the group.
If they deposited ‘Rippke, you will receive a return of 1.5% to 1.8% every month’
The site shut down on October 23 and the operators disappeared. According to police, the group planted false information on portal blogs, online news articles, Wikipedia, and produced YouTube videos featuring a paid stand-in, aged 34, who faces fraud charges.
Average losses were 173 million won ($119,000) per victim. Police froze 17.3 billion won of assets across overseas exchanges, but another 10 billion won moved during the investigation and is unaccounted for. Investigators traced 27.3 billion won ($18.8 million) through wallets linked to the group, more than the confirmed loss, indicating additional victims.
An overseas exchange tipped off police in October about a surge in staking fraud. Investigators executed 54 search and seizure warrants, arrested one suspect at a hideout after he returned from abroad, and picked up others.
Reports differ on the number of suspects. One source mentions a fourth man, also aged 29, overseas under an Interpol Red Notice, while another describes only three suspects and says police have requested a Red Notice for the third accomplice. The conflicting accounts remain unresolved.
The case reflects a broader trend. Crypto analytics firm Chainalysis said in January that as much as $17 billion in crypto was lost globally to scams and frauds in 2025, with criminals increasingly using impersonation tactics and artificial intelligence. Flare Network, which debuted in early 2023, had over $160 million total value locked and more than 887,000 active addresses as of late March 2026.