ChainCatcher, citing Hong Kong 01, reported that Fun Coffee, which describes itself as being rooted in Vietnam, entered Hong Kong at the end of 2025 and was warned by the Hong Kong Securities and Futures Commission in July 2026 as a suspicious investment product.
The report said the company appeared on the surface to be offering investment in the coffee business, but was in fact a virtual currency investment scam. It allegedly promoted annual returns as high as 222% before collapsing at the end of July.
According to the report, a victim group has more than 370 people, with each person allegedly losing hundreds of thousands of Hong Kong dollars. Several investment groups together were said to have about 4,000 members, with the amount involved exceeding HK$1 billion.
One woman in her 50s said she had unknowingly become a shareholder and director of one of Fun Coffee’s Hong Kong-registered companies. She said she had more than 100 people in her downline and had gone to police after receiving media inquiries.
Police have received 115 reports. The case has been referred to the Commercial Crime Bureau’s fraud investigation unit.
The report added that Fun Coffee held a marathon event in Hong Kong late last year, invited entertainer Yuen Siu-cheung as host, and distributed anti-fraud leaflets in several districts as part of its promotion.
The company’s Kowloon Bay headquarters and Mong Kok storefront have now been vacated, with rent arrears notices posted on site.
The SFC issued its warning on July 13. Vietnam’s Ministry of Public Security had also warned in May that the operation was suspected to be a Ponzi scheme.