Seoul police have reportedly broken up a fake Flare Network XRP scam and recovered roughly 3. 4 million coins, according to South Korean news reports, in a case that centers on fraud using recognizable crypto branding rather than any fault of the underlying networks.
Seoul police have reportedly broken up a fake Flare Network XRP scam and recovered roughly 3.4 million coins, according to South Korean news reports, in a case that centers on fraud using recognizable crypto branding rather than any fault of the underlying networks.
The account of the Seoul police action comes from South Korean outlet Maeil Business Newspaper, which reported the crackdown on a scheme that leaned on Flare Network and XRP branding. Details beyond the police involvement and the recovery figure are not established in the available reporting. For related coverage, see Gumi and SBI Launch ¥3 Billion Crypto Fund in Japan.
A separate report on the incident was carried by Asia Economic Daily. At the time of writing, the specific mechanics of the alleged scam, the identities of any suspects, and how the coins were traced remain unconfirmed. For related coverage, see Pascal Caversaccio Joins Ethereum Foundation Board as Fourth Member.
The core of the story is narrow: Seoul police are named as the investigating authority, the activity is described as a fake Flare Network XRP operation, and about 3.4 million coins were said to be recovered.
What is not yet clear is equally important. The reporting does not confirm how many victims were involved, what monetary value the recovered coins represent, or whether formal charges have been filed. Readers should treat everything beyond the headline facts as unverified for now.
Scams that borrow the names of established tokens are a recurring risk for retail users, because a familiar brand can lend false credibility to an otherwise fraudulent offer. XRP is among the most widely recognized altcoins, and Flare Network is closely associated with it, making the pairing an attractive lure.
Nothing in the reporting implies wrongdoing by Flare Network, Ripple, or the XRP ledger itself. The alleged fraud appears to have used those names, a pattern distinct from any issue with the legitimate projects. Flare’s own FAssets documentation describes how assets such as XRP are meant to be represented on its network, underscoring the gap between the real protocol and a scheme that merely invokes it.
For altcoin holders, the practical takeaway is scam awareness: verify token contracts and platforms through official channels before committing funds. The same caution applies across the sector, from new exchange listings like OKX’s GRVT/USDT spot pair to validator and infrastructure changes such as Stellar’s recent Tier 1 validator additions.
A police recovery of this scale suggests the case may proceed with further disclosures. Key questions include whether authorities publicly identify suspects, file charges, or name the platforms involved.
Restitution is another open thread. It is not yet known whether victims will be identified, whether the recovered coins will be independently verified, or how any assets might be returned. Enforcement momentum against crypto fraud is building globally, seen recently in the EU’s expanded sanctions touching the crypto sector.
As with any early report, the picture could change as more facts emerge. This article reflects only what the cited Korean reporting supports and will be updated if verified details become available.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
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