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Hong Kong Police Update Data on Fun Coffee Cafe Network Fraud as More Victims Report Losses

Hong Kong police have updated the estimated losses from the cryptocurrency-linked "Fun Coffee" scam scheme to approximately HKD 104 million (USD 13 million), as more victims come forward. Following coordinated raids with Macau authorities, six people were arrested in Hong Kong and two in Macau. The scam, which operated as a classic pyramid scheme by paying early investors with funds from new ones, collapsed in late July after its app stopped functioning. Fun Coffee had presented itself as a legitimate Vietnamese coffee business with a billion-dollar valuation, promising unrealistic annual returns of 197% to 278%. Despite warnings from Hong Kong's Securities and Futures Commission in July and earlier alerts from Vietnamese authorities, hundreds of people invested. Local legislator Johnny Ng Kit-chong suggests over 1,000 individuals may be affected. The case is part of a broader trend, with online investment fraud involving virtual assets causing record losses in Hong Kong in 2025.

cryptonews.ru08/06 13:55