Seoul Police Bust Trio Over $19M Fake XRP Staking Scheme

Police in Seoul recently arrested three individuals accused of running a major crypto scam involving fake XRP staking. The group allegedly tricked 71 victims into depositing their funds by promising fixed monthly returns that never materialized. Investigators estimate the fraud pulled in approximately 3.4 million XRP from those victims alone.

While the direct losses to the 71 victims were significant, blockchain forensics suggest the operation was much larger. Tracking data shows that total wallet flows connected to the criminal scheme reached 27.3 million XRP, which is currently valued at roughly $19 million. This highlights how far the operation stretched beyond its initial group of reported victims.

This case serves as a warning for investors to verify staking platforms before depositing assets. Scams often use the allure of consistent payouts to target those looking for passive income. Traders should remain cautious of any site offering guaranteed returns, especially when those promises sound too good to be true.