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Fake Flare staking site steals millions of XRP from 71 investors

South Korean police say the scam may have grown to nearly $19 million in XRP, with one suspect detained and another at large after the site ran from Oct. 16 to Oct. 23.

Reported · Written up by our desk · Regulation

South Korean police are investigating a fake Flare Network staking website accused of stealing 3.4 million XRP, worth about $8.5 million, from 71 investors, according to CoinDesk. Authorities said the fraud used the name of the legitimate Flare blockchain project to lure victims.

Police said the alleged scam may have taken as much as $19 million in XRP, and that investigations are ongoing because the theft could be larger than what they have proven so far. Two suspects were detained on aggravated fraud charges, while police have obtained an arrest warrant and requested an Interpol Red Notice for a third accomplice, who remains at large.

CoinDesk reported that the Cyber Crime Investigation Unit at the Seoul Metropolitan Police said the fake site operated from Oct. 16 to Oct. 23. Victims were told that if they deposited “Rippke,” they would receive a return of 1.5% to 1.8% each month.

Authorities also said the scammers promoted the fraudulent scheme through Naver blogs, online news articles, Wikipedia, and YouTube using false advertising. CoinDesk added that Flare Network has ties to the XRP ecosystem and that the network reported more than $160 million in total value locked as of late March 2026, with over 887,000 active addresses.

Latest closeXRP $1.088 ▲1.4%

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