As of August 3, authorities had received 225 scheme-related reports, involving victims aged 32 to 83, including retirees.

A Hong Kong lawmaker warned that a Vietnam-based crypto project dubbed Fun Coffee appears to be a mass scam with potential victims exceeding 1,000 as losses mount.

Hong Kong’s Securities and Futures Commission cautioned that Fun Coffee may be a suspicious crypto investment scheme after investors reportedly lost over HK$1.0 billion and withdrawals were blocked.

Victims linked to the Hong Kong–based Fun Coffee platform report combined losses around HK$107.5 million, with recruitment-driven tactics promising unusually high returns.

Initial recruitment relied on non-investment activities like sports events and video tasks, later steering participants toward investment tasks with direct deposits and recruiter bonuses.

Six people ages 51 to 64 were arrested on suspicion of conspiracy to defraud and were later released on bail.

The case adds to earlier digital-asset fraud probes in Hong Kong, reinforcing calls for greater transparency, security, and investor education in crypto.

An investor described earning far less than imagined from short promotional videos, with filming costs eroding supposed payouts.

Investigators are conducting digital-asset tracing to aid law enforcement and are pushing for mechanisms to freeze assets immediately when suspicious activity is detected.

Since entering Hong Kong late last year, the group cultivated a health-conscious, community-friendly image through events and elderly-focused promotional videos, expanding to mainland China, South Korea, and Singapore despite Vietnamese warnings in May that it resembled a Ponzi scheme.

Eight suspects were arrested in a Hong Kong–Macau operation linked to the scheme, after the mobile app collapsed and investor access was cut off.

Legislation is being prepared to regulate over-the-counter crypto exchanges, advisory practices, and custodians by year-end to ensure regulatory coverage of crypto activities in Hong Kong.