Two men were arrested on fraud charges, and Korean police are seeking a third. They reportedly advertised the scam project via YouTube and online articles.
Two arrested after Flare Network staking site scammed users out of 3.4 million XRP (~$8.5 million)
South Korean police say scammers running a fake staking website under the name of the real Flare Network took 3.4 million XRP (~$8.5 million) from 71 investors. It's possible the scammers stole closer to $19 million. Victims were promised guaranteed returns of 1.5% to 1.8% a month; the site was only live for about a week in October 2025 before the operators disappeared with the deposits.
- "12.3 Billion Won Crypto Scam Group Arrested", The Chosun