Fraud Allegations Surrounding FunCoffee Coin in Hong Kong, Victim Losses Reach 184 Billion KRW
A Vietnam-based investment project, FunCoffee, has become embroiled in a large-scale Ponzi scheme scandal in Hong Kong. The Hong Kong Securities and Futures Commission (SFC) has warned of the possibility of total loss of the principal investment, and the police have transferred the case to the Commercial Crime Bureau (CCB) for investigation. FunCoffee promised Hong Kong investors annual returns of up to 222% while raising funds for digital asset investments, but has since halted withdrawals. Having entered Hong Kong at the end of last year, FunCoffee promoted high returns for completing 'missions' through its mobile application, requiring investors to remit funds in digital assets. Victims have formed a group chat with approximately 4,000 participants, and the reported losses have exceeded 1 billion Hong Kong dollars. The headquarters in Kowloon Bay and the Mong Kok store were found to be empty, with notices of overdue rent posted. As of the end of July, the Hong Kong police had received 115 reports of victimization, and the case has been transferred to the CCB's fraud investigation team. This incident bears similarities to the JPEX case from 2023.
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