FEARS GROW THAT FUN COFFEE CRYPTO SCAM DUPED OVER 1,000 AS LOSSES MOUNT

A Hong Kong lawmaker has warned that a Vietnam‑based crypto scheme known as Fun Coffee may have duped more than 1,000 victims, with reported losses climbing to HK$104 million (US$13.4 million). The alert followed police statements that 225 complaints had been filed since the previous month and that six people had been arrested on suspicion of conspiracy to defraud.

According to the police, the Fun Coffee syndicate has already caused an investor to lose HK$14 million (US$1.73 million) across her team. The lawmaker’s remarks came as authorities released the total loss figure and confirmed the arrests, underscoring the scale of the alleged fraud. The scheme operates as a ‘coffee investment venture’, targeting investors through cryptocurrency promises.

The case highlights the growing threat of crypto‑related fraud in Hong Kong and the broader region, where cross‑border investment scams increasingly target unsuspecting individuals. It underscores the need for tighter regulatory oversight of cryptocurrency ventures.

• Fun Coffee is a Vietnam‑based crypto investment venture.
• A Hong Kong lawmaker warns of over 1,000 victims and total losses of HK$104 million.
• Six individuals have been arrested on suspicion of conspiracy to defraud.
• One investor reported HK$14 million loss across her team.
• Police have received 225 complaints since last month.

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