Hong Kong Police Update on Virtual Currency-Related "Fun Coffee" Fraud Case: Total Losses Rise to Approximately HK$104 Million

According to Hong Kong 01, the Hong Kong Police Force has updated details of the "Fun Coffee" virtual currency fraud case, disclosing that as of August 5, a total of 255 related reports have been received, an increase of 30 from earlier, with total case losses rising to approximately HK$104 million. Separately, the Macau Judiciary Police arrested two women in connection with 9 cases involving around MOP 3.6 million. Regarding a TVB artist who once hosted events linked to the Fun Coffee fraud, the Hong Kong Police said that during the investigation, they will contact victims and relevant parties to identify the fraud mastermind and the roles of all involved. BlockBeats Note: "Fun Coffee" claims to be a large-scale coffee investment enterprise based in Vietnam’s Phu Quoc Island, with capital exceeding US$1 billion. It entered Hong Kong at the end of 2025, building its image by hosting marathons, dinners, social events, distributing leaflets (even under the "anti-fraud" banner), and inviting artists to endorse it, while registering a company, opening an office and physical stores in Hong Kong. In reality, it lured the public to download an app to "complete tasks" and recharge with cryptocurrencies like Tether (USDT) under the guise of investing in "high-tech coffee equipment, gene optimization technology, and agricultural gear". The platform promised annualized returns as high as 197%–278% (with some claims reaching 222% or more), stating that larger investments and longer deposit periods would yield higher returns, and set up an upline-downline commission system to encourage referrals. In July 2026, the Hong Kong Securities and Futures Commission (SFC) classified it as a suspicious investment product. Later that month, the app suddenly shut down, withdrawals were blocked, customer service went missing, and its office and stores were vacated – marking the collapse of the fraud.