Hong Kong Residents Duped Out of HK$107.5 Million in Cryptocurrency Scam

A group of over 10 victims from Hong Kong came forward to share their stories after being scammed out of a total of HK$107.5 million ($13.71 million) in what is believed to be one of the largest cryptocurrency investment scams in recent history.

The alleged scam, linked to a purported Vietnam-based enterprise called 'Fun Coffee', promised high returns and used referral schemes to lure victims into investing in its coffee-based ventures using cryptocurrency.

Victims reported per-person losses ranging from HK$3,000 to around HK$9.6 million, with one victim allegedly cheated out of HK$10 million. The scheme collapsed in late July, the same month in which the Securities and Futures Commission of Hong Kong flagged the 'Fun Coffee GCM Project' as a suspicious investment product.

Hong Kong lawmaker Johnny Ng Kit-chong warned that the scale of the case might involve over 1,000 victims and proposed that law enforcers freeze crypto assets or funds when regulators flag suspected trading or risks of fraud to increase the possibility of recovering victims' losses.