How much money have victims in Hong Kong and Macau lost to Fun Coffee?

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Victims in Hong Kong and Macau have lost nearly HK$100 million to the Fun Coffee scheme.

Victims in Hong Kong and Macau have collectively lost close to HK$100 million (approximately S$16.3 million) due to the Fun Coffee investment scheme. Authorities in these regions have apprehended eight individuals over the past week in connection with the ongoing investigation into the scheme's operations.
Scale of Financial Losses

The total sum of nearly HK$100 million represents the aggregate financial losses reported by victims in Hong Kong and Macau. This figure highlights the significant financial impact of the Fun Coffee scheme on individuals in these territories.
Law Enforcement Actions in Hong Kong and Macau

Over the preceding week, law enforcement agencies in Hong Kong and Macau took action by arresting eight people. These arrests are directly linked to the investigation of the Fun Coffee scheme and its alleged fraudulent activities.
Nature of the Fun Coffee Scheme

Fun Coffee, reportedly based in Phu Quoc, Vietnam, operated by soliciting investments through a mobile application. Participants were instructed to transfer Tether (USDT), a cryptocurrency, into designated wallet addresses. The scheme promised exceptionally high returns and commissions for recruiting new members, a common characteristic of Ponzi or pyramid schemes.
Victim Experiences

One victim in Singapore shared with The Straits Times that they had invested approximately S$400,000 into the scheme but had been unable to recover any of their funds. This underscores the widespread nature of the financial distress caused by Fun Coffee's inability to allow participants to withdraw their money.

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How much money have victims in Hong Kong and Macau lost to Fun Coffee?

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