Hong Kong authorities are warning the public about the “Fun Coffee GCM project” after investors reported losses exceeding HK$1 billion, or about $127 million. The case has drawn attention as complaints mounted over blocked withdrawals and inaccessible accounts.
Fun Coffee, which was linked to Vietnam, promoted itself heavily in Hong Kong from late 2025 and pitched annual returns of up to 222%. Participants were told to download an app, complete assigned “tasks,” and send money using virtual assets, with returns promised later.
High-return pitch and rapid recruitment
According to the source report, Fun Coffee’s offer spread through aggressive promotion and personal referrals, with many participants recruited by people they knew. The model combined app-based activity with deposits made in crypto, presenting the scheme as a path to unusually high annual gains.
Investor groups tied to the project reportedly grew to about 4,000 chat members. Those investors later alleged that their combined losses had risen above HK$1 billion.
Withdrawal problems surfaced by July
By July, participants said the project had stopped allowing withdrawals. Some users also reported that they were no longer able to log into their accounts, worsening fears that deposited funds could not be recovered.
The source article says the venture had presented itself as a sizable operation, claiming a headquarters on Vietnam’s Phu Quoc island, assets of more than US$1 billion, and a workforce of over 5,000 employees. It also said it promoted anti-fraud awareness, even as complaints from investors increased.
Questions around offices and company records
Fun Coffee’s claimed physical presence in Hong Kong also came under scrutiny. The listed headquarters in Kowloon Bay and a store in Mong Kok were found vacant, with unpaid rent notices at the sites.
Public records cited in the report showed that three separate Hong Kong companies had used the Fun Coffee name. Those entities were incorporated between late 2025 and early 2026, adding to questions about the structure behind the project.
Regulators and police step in
Authorities in both Hong Kong and Vietnam had issued warnings before the collapse described by investors. Vietnamese officials had identified signs consistent with a Ponzi scheme, while Hong Kong’s Securities and Futures Commission warned that the project could cause participants to lose their full principal.
By late July, Hong Kong Police had received 115 reports connected to the case. The matter was referred to the Commercial Crime Bureau, which is the next confirmed step disclosed in the source material.
Source: Cryptopolitan