Fun Coffee reports rise to 286, losses hit HK$118 million
SingTao · 1 SOURCESabout 2 hours ago2 MIN
Summary
Hong Kong police said on August 20 that they had received 286 reports tied to the suspected Fun Coffee investment scam as of August 19, with total losses reaching about HK$118 million . Investigators said the operation promoted coffee-related investment projects through a cryptocurrency-based scheme and later left investors unable to withdraw principal or claimed returns after the app stopped working on July 20 .
Key Points
- Police said Fun Coffee claimed to be a coffee investment company headquartered on Phu Quoc Island in Vietnam and used that image to attract investors .
- Investigators said suspects approached residents through investment seminars, social gatherings and other promotional events touting coffee technology and farming projects .
- The platform allegedly asked investors to download the Fun Coffee app, register accounts and transfer cryptocurrency to designated wallet addresses to fund plans .
- Police analysis found multiple investment tiers, with some plans claiming annual returns ranging from 197% to 278% depending on amount and holding period .
- The app also offered deposit bonuses, referral rewards and daily check-in incentives, while some early users reportedly withdrew small returns before investing more .
Why It Matters
The case shows how suspected fraud operations can combine in-person promotion with app-based cryptocurrency transfers, making losses spread quickly through personal networks . With the app offline and investors unable to reach customer service, the police response and asset-freezing efforts will be central to what affected Hong Kong residents may recover .