Key Takeaways
- • 12.3 billion Korean won ($9.5M USD equivalent) cryptocurrency scam dismantled: Seoul Metropolitan Police arrested three individuals and issued an Interpol Red Notice for a fourth suspect in connection with a Ripple coin fraud scheme targeting 71 investors.
- • Sophisticated impersonation and fake infrastructure: The criminal group operated a counterfeit investment website (Fxrpntwork.com) impersonating legitimate blockchain projects Flare Network and FXRP, promising fixed monthly returns of 1.5–1.8% to deceive victims.
- • 3.4 million Ripple coins stolen in rapid operation: The fraud operated for only seven days (October 16–23, 2025), during which victims transferred approximately 3.4 million Ripple coins to wallets controlled by the suspects before the site was shut down.
- • Multi-channel promotional fraud: Perpetrators leveraged portal blogs, online articles, and YouTube videos using deceptive marketing language ("investment principal guaranteed," "fixed returns") to recruit victims across digital channels.
- • One suspect remains at large with international warrant: Mr. D (29), identified as a co-conspirator and friend of the arrested individuals, fled overseas and is subject to an active Interpol Red Notice, limiting his financial and travel mobility globally.
Summary
Seoul Metropolitan Police's cyber investigation team announced the arrest of three individuals and the issuance of an international warrant for a fourth in connection with a 12.3 billion Korean won cryptocurrency fraud scheme. The case represents a coordinated takedown of a sophisticated scam operation targeting retail cryptocurrency investors in South Korea.
The criminal group, comprising Mr. A (29), Mr. B (29), Mr. C (34), and the fugitive Mr. D (29), operated a fraudulent investment platform called Fxrpntwork.com that was active for only seven days in mid-October 2025. The scheme targeted 71 investors by impersonating legitimate blockchain projects—specifically Flare Network and FXRP—to create false credibility. Victims were deceived into believing they could earn fixed monthly returns of 1.5–1.8% by depositing Ripple coins into the platform. The group successfully embezzled approximately 3.4 million Ripple coins, valued at 12.3 billion Korean won at the time of the fraud.
Police investigation revealed that the suspects employed a multi-channel marketing strategy to recruit victims, utilizing portal blogs, online articles, and YouTube videos with misleading claims about guaranteed principal and fixed returns. Once investors transferred their Ripple coins—which they sourced from domestic cryptocurrency exchanges and routed through overseas platforms as directed by the perpetrators—the website was immediately shut down and the suspects vanished with the funds. Mr. A was apprehended upon returning to South Korea after investigation located his hideout; Mr. B was transferred to prosecutors under arrest; Mr. C is expected to face prosecution for fraud; and Mr. D remains at large with an active Interpol Red Notice. All three arrested individuals face charges under the Specific Economic Crimes Aggravated Punishment Act. The Seoul Metropolitan Police conducted 54 search and seizure warrants throughout the investigation, which commenced in October 2025 following intelligence regarding a surge in cryptocurrency fraud cases.
The criminal group, comprising Mr. A (29), Mr. B (29), Mr. C (34), and the fugitive Mr. D (29), operated a fraudulent investment platform called Fxrpntwork.com that was active for only seven days in mid-October 2025. The scheme targeted 71 investors by impersonating legitimate blockchain projects—specifically Flare Network and FXRP—to create false credibility. Victims were deceived into believing they could earn fixed monthly returns of 1.5–1.8% by depositing Ripple coins into the platform. The group successfully embezzled approximately 3.4 million Ripple coins, valued at 12.3 billion Korean won at the time of the fraud.
Police investigation revealed that the suspects employed a multi-channel marketing strategy to recruit victims, utilizing portal blogs, online articles, and YouTube videos with misleading claims about guaranteed principal and fixed returns. Once investors transferred their Ripple coins—which they sourced from domestic cryptocurrency exchanges and routed through overseas platforms as directed by the perpetrators—the website was immediately shut down and the suspects vanished with the funds. Mr. A was apprehended upon returning to South Korea after investigation located his hideout; Mr. B was transferred to prosecutors under arrest; Mr. C is expected to face prosecution for fraud; and Mr. D remains at large with an active Interpol Red Notice. All three arrested individuals face charges under the Specific Economic Crimes Aggravated Punishment Act. The Seoul Metropolitan Police conducted 54 search and seizure warrants throughout the investigation, which commenced in October 2025 following intelligence regarding a surge in cryptocurrency fraud cases.
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