What financial losses have been reported in the Fun Coffee scheme?

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Fun Coffee Scheme Reports Significant Financial Losses for Victims

Approximately 200 individuals in Hong Kong and Macau have collectively lost close to HK$100 million (S$16.3 million) due to the Fun Coffee investment scheme. A victim in Singapore reported an investment of about S$400,000, from which no funds could be recovered.
Losses in Hong Kong and Macau

Authorities in Hong Kong and Macau have made eight arrests related to the Fun Coffee scheme within the past week. These arrests are linked to the scheme's operations, which have resulted in substantial financial losses for around 200 people in the region, amounting to nearly HK$100 million.
Singaporean Victim's Investment

One victim from Singapore shared with The Straits Times that she had invested approximately S$400,000 into the scheme. Despite this significant investment, she has been unable to retrieve any of her money.
Scheme's Modus Operandi and Arrests

The Fun Coffee scheme, reportedly based in Phu Quoc, Vietnam, operated by requiring participants to install an application and transfer Tether (USDT) cryptocurrency into provided wallet addresses. The scheme enticed investors with promises of unrealistically high returns and commissions for recruiting new members. Singapore police arrested a 49-year-old woman on August 6 for actively promoting the scheme and recruiting others, under the Multi-Level Marketing and Pyramid Selling (Prohibition) Act.

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What financial losses have been reported in the Fun Coffee scheme?

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