Hong Kong Fun Coffee crypto scam losses top HK$104M

The largest individual loss identified so far involved a 51-year-old victim who allegedly lost HK$9.63 million, Hong Kong 01 reported.

Fun Coffee promoted itself as a major coffee investment company in Phu Quoc, Vietnam, claiming more than $1 billion in capital. It entered Hong Kong toward the end of 2025, sponsoring marathons, banquets and social events while opening offices and retail locations. Investors were told their money would support high-tech coffee equipment and gene optimization technology.

Authorities allege the operation used a multi-level commission structure that rewarded participants for bringing in new investors.

Regulatory concerns surfaced before the collapse. In July 2026, the Hong Kong Securities and Futures Commission added Fun Coffee to its list of suspicious investment products. Shortly after, the app ceased operations, offices and stores were vacated.

Police said they are continuing to identify additional victims as more reports come in.

The latest figures come as Hong Kong authorities respond to several forms of cryptocurrency-related fraud. Last week, police disclosed that a 50-year-old insurance professional lost more than HK$26 million after an online acquaintance convinced her to invest through a fraudulent crypto platform.

During the week ending July 30, authorities recorded 25 romance-related crypto investment fraud cases with combined losses approaching HK$70 million. Such operations often build trust through social media before directing victims to fake investment websites that display fabricated profits, police said.

Financial regulators have also stepped up warnings. In July, Hong Kong Interbank Clearing Limited warned that counterfeit websites were impersonating its Faster Payment System to collect personal data. The Securities and Futures Commission recently required licensed virtual asset trading platforms to replace SMS-based authentication with phishing-resistant login methods over the next 12 months.

The regulator has also continued adding suspected unlicensed crypto businesses to its alert list, urging investors to verify platforms before transferring funds or sharing personal information. Using a regulated crypto broker can reduce exposure to such schemes.