Fun Coffee Crypto Scam Hits HK$104 Million in Investor Losses

The investigation, currently spanning both Hong Kong and Macau, has led to eight arrests. Six suspects were detained in Hong Kong and subsequently released on bail, while Macau authorities apprehended two women linked to nine cases involving MOP3.6 million. Investigators are now scrutinizing the project's promotional network, including entertainers who hosted company events, to determine the extent of their involvement in the alleged fraud.

Operating under the name Fun Coffee GCM, the scheme utilized a multi-level marketing structure, incentivizing members to recruit friends and family through referral rewards and deposit bonuses. The platform enticed victims with claims of backing agricultural technology and coffee gene research in Phu Quoc, Vietnam. Investors were required to deposit Tether’s USDT stablecoin into specific wallet addresses, with some packages offering short-term lock-up periods that mimicked legitimate financial products. The ruse succeeded for months by allowing early investors to withdraw small amounts, creating a false sense of security that encouraged larger capital injections.

The operation collapsed on July 20, 2026, when the mobile application went dark, customer service channels ceased responding, and physical offices across Hong Kong were vacated. The Securities and Futures Commission had flagged the project as suspicious shortly before the shutdown. Police are currently working to identify the primary organizers behind the scheme, noting that the largest individual victim alone reported a loss of HK$9.63 million.