Fun Coffee Scam Collapses With Over 1 Billion HKD Lost

Vietnam-linked Fun Coffee scheme unravels in Hong Kong, defrauding over 370 victims of 1 billion HKD. Authorities investigate the collapsed virtual currency Ponzi operation.

Woofun AI reports that Fun Coffee, a Vietnam-based entity operating in Hong Kong, has collapsed following allegations of a virtual currency investment scam. The scheme promised annual returns of 222% and involved over 1 billion Hong Kong dollars across multiple investment groups.

The Hong Kong Securities and Futures Commission issued a warning on July 13, while the Vietnamese Ministry of Public Security flagged the operation as a suspected Ponzi scheme in May. Police have received 115 reports and transferred the case to the Commercial Crime Bureau. The company's offices in Kowloon Bay and Mong Kok are now vacant with unpaid rent notices posted.