Hong Kong Fun Coffee crypto scam losses top HK$104M

Hong Kong police have received 255 reports linked to the alleged Fun Coffee cryptocurrency investment scam, pushing total reported losses to about HK$104 million as investigators continue making arrests and expanding the probe. Summary Hong Kong police have received 255 reports linked to the Fun Coffee crypto investment scam with losses reaching HK$104 million. Authorities say the platform promised annual returns of up to 278% through USDT based investment plans before withdrawals stopped. Six people have been arrested in Hong Kong while Macau police detained two suspects in a related investigation. Police are contacting victims and people linked to Fun Coffee promotional events as the investigation continues. The case follows a series of crypto fraud warnings as Hong Kong regulators tighten oversight of digital asset scams. According to Hong Kong 01, Hong Kong police updated the case on Aug. 5, saying the number of reports had increased by 30 since the previous briefing while reported losses rose from HK$94 million to about HK$104 million. Authorities said six people arrested in Hong Kong have been released on bail pending further investigation, while Macau judicial police separat...