BlockBeats News, August 6th. According to Hong Kong 01 report, the Hong Kong police updated information on the cryptocurrency-related "Fun Coffee" fraud case, revealing that as of August 5th, a total of 255 related reports had been received, an increase of 30 from earlier, and the total losses involved had increased to approximately HK$104 million. In addition, the Macau police arrested two women in connection with 9 cases involving about MOP 3.6 million. Regarding the involvement of a TVB artist who had hosted events related to the Fun Coffee scam, the Hong Kong police stated that during the investigation, they would definitely contact the victims and relevant individuals to identify the mastermind and roles played in the scam.

BlockBeats Note: "Fun Coffee" claimed to be a large-scale coffee investment enterprise on Vietnam's Phu Quoc Island, with a fund size exceeding $1 billion. By the end of 2025, it entered Hong Kong, packaging its image through events such as marathons, banquets, social activities, flyer distribution (even under the guise of "anti-fraud"), and celebrity endorsements, as well as registering a company, setting up offices, and stores in Hong Kong. The actual operation was to lure citizens to download an app to "complete tasks" in the name of investing in "high-tech coffee equipment, gene optimization technology, and agricultural equipment," using cryptocurrencies like Tether (USDT) for deposits. The platform promised an annualized return of up to 197%–278% (with claims as high as 222% or even higher), with higher deposits and longer lock-up periods yielding higher returns, and a referral program to incentivize recruitment.

In July 2026, the Hong Kong Securities and Futures Commission identified it as a suspicious investment product. In late July of the same year, the app suddenly ceased operations, withdrawals were not possible, customer service became unresponsive, and the offices and stores were vacated, leading to the collapse of the scam.