Hong Kong's 'Fun Coffee' Cryptocurrency Scam Expands, Over 1,000 Victims and Losses Exceeding HKD 140 Million

The Sophisticated Web3 Investment Scam of Fun Coffee in Hong Kong

Fun Coffee claimed to be a company based in Phu Quoc, Vietnam, engaged in coffee technology, genetic research, and AI devices, boasting assets worth $1 billion (approximately 158.4 billion yen). However, its true nature was a cryptocurrency Ponzi scheme promising high returns.

Investors were lured to transfer Tether (USDT), a cryptocurrency pegged to the US dollar, through a dedicated app, with abnormal returns of approximately 197% to 278% annually being offered. For example, locking up 10,800 USDT for just 10 days would yield about 680 USDT in profit, creating a sense of trust. The scheme rapidly expanded its victims by utilizing daily bonuses and referral rewards in a multi-level structure, involving family and friends.

The Trap of Gaining Trust Through Celebrity Endorsements and Events

The company established real offices and stores and actively hosted events such as marathons and lavish dinners. By hiring famous Hong Kong celebrities as event hosts, they created a sense of security, portraying themselves as a legitimate business.

Moreover, they often involved ordinary people through requests to appear in promotional videos, forming teams to gather investment funds.

Sudden App Shutdown and Progress in Investigations

In mid-July 2026, after the Hong Kong SFC (Securities and Futures Commission) added the company to a list of suspicious investment products, the app suddenly ceased operations within less than a week. Withdrawals became impossible, and customer support and local offices were immediately abandoned and closed.

Reports to the police exceeded 255, with total damages reaching HKD 140 million (approximately 2.8 billion yen). Individual losses have reached as high as HKD 9.63 million (approximately 19 million yen), and it is suggested that over 1,000 people may have been affected.

As of now, six individuals have been arrested in Hong Kong and two in Macau, with authorities seeking to identify the ringleaders and collaborating with Interpol to uncover the full extent of the scam.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.