What were the promised returns of the Fun Coffee scheme?

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The Fun Coffee Scheme's Promised Returns Were Unrealistically High

The Fun Coffee investment scheme enticed participants with promises of unrealistically high returns and commissions for recruiting new members. While the specific percentage or monetary value of these promised returns was not detailed, the scheme's operational model involved requiring participants to install an application and transfer Tether (USDT) cryptocurrency into provided wallet addresses. This approach, coupled with the allure of substantial earnings through recruitment, formed the basis of its appeal.
Scheme Operation and User Investment Method

Participants in the Fun Coffee scheme were instructed to download a specific application. Within this app, they were directed to transfer Tether (USDT), a stablecoin pegged to the US dollar, into wallet addresses that were made available through the application interface. This method of fund transfer was central to the scheme's operations, enabling the flow of assets from investors.
Scale of Operations and Alleged Assets

The Fun Coffee scheme, which was reportedly based in Phu Quoc, Vietnam, made significant claims about its operational scale and financial standing. It asserted that its assets were valued at over US$1 billion (S$1.28 billion) and that it employed a team exceeding 5,000 individuals. These figures were presented to bolster the scheme's credibility and attract a larger participant base.
Impact on Victims and Law Enforcement Actions

The scheme has resulted in substantial financial losses for numerous individuals. Authorities in Hong Kong and Macau arrested eight people in the week preceding the report in connection with Fun Coffee. Approximately 200 individuals in those regions lost close to HK$100 million (S$16.3 million). In Singapore, a victim reported investing about S$400,000 without any possibility of recovery, and a 49-year-old woman was arrested for actively promoting and recruiting others into the scheme.

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What were the promised returns of the Fun Coffee scheme?

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