Police arrest group over fake XRP staking scam worth $8.9M

Police have arrested a group accused of creating a fake XRP staking site and defrauding investors of 12.3 billion won ($8.9 million) in cryptocurrency, Newsis reported. According to police, the group opened the fake Ripple staking site "FXRP Network" between Oct. 16 and Oct. 23 last year and falsely promoted it through blogs, YouTube, internet articles and Wikipedia, claiming users could earn monthly returns of 1.5% to 1.8% by staking XRP. Police said 71 victims have been identified so far, with about 3.4 million XRP stolen, worth around 12.3 billion won. As additional damage reports continue to come in, police believe the total scale of the fraud may reach about 27.3 billion won and are expanding the investigation.