Fun Coffee Scam Leaves Hong Kong Investors Reeling Amid Arrests

A cryptocurrency investment scam involving the 'Fun Coffee' platform has left over 10 probable victims in Hong Kong reeling, with estimated losses totaling HK$107.5 million ($13.71 million). The victims, aged 32 to 83, reported individual losses ranging from HK$3,000 to about HK$9.6 million.

The scheme promised returns of up to 278 percent through investments in coffee-related ventures using cryptocurrency. It claimed to have developed advanced coffee brewing equipment and technology for optimizing coffee genes and intelligent irrigation systems.

One victim said the organizers initially presented the program as a sports activity with payments for producing short videos, but later introduced investment tasks that encouraged participants to deposit money directly.

Victims were lured by promises of high returns and recommendations from trusted friends. The platform's recruitment model involved each newcomer bringing in 10 friends, resulting in more than 700 members in one team.