Overview
- Authorities say reports tied to Fun Coffee have grown into the mid-200s and total reported losses stand at about HK$104 million after the platform froze withdrawals in July 2026.
- Investigators allege Fun Coffee posed as a Vietnam-based coffee and tech venture and told investors to deposit mainly Tether’s USDT into app-based plans that promised annualized returns of about 197%–278%.
- Hong Kong police and the Securities and Futures Commission moved before the collapse to flag the operation as suspicious, and six people arrested in Hong Kong have since been released on bail.
- Macau judicial police detained two women in related cases reporting about MOP3.6 million in losses, and investigators say they will contact entertainers and event hosts who promoted the scheme to clarify organiser roles.
- Victims report large personal losses and misleading promotional arrangements, and regulators say the case highlights common crypto fraud tactics such as staged small withdrawals, referral rewards, and in-person recruitment events that can mask Ponzi-style operations.