Overview
- The Fun Coffee mobile app went offline on July 20, after which users could no longer withdraw funds and complaints from roughly 200–220 investors surged.
- Authorities in Hong Kong and Macau have arrested eight people so far and Singapore police detained a 49‑year‑old woman on Aug 6 for allegedly promoting and recruiting for the scheme.
- Police say the platform required users to install the Fun Coffee app and transfer Tether (USDT) into wallet addresses shown in the app, with investment plans that promised unrealistically high returns and paid recruiter commissions.
- Reported losses approach nearly HK$100 million and include large individual losses in Singapore, and investigators warn that the use of crypto wallets and private payment channels complicates tracing and recovery of funds.
- Officials have urged the public not to send further payments, cited private PayNow QR codes and personal accounts as red flags, and are investigating possible offences under Singapore’s Multi‑Level Marketing and Pyramid Selling Act while coordinating cross‑border asset tracing and prosecutions.