Fun Coffee crypto scam reports rise to 269, losses hit $112m

Hong Kong police had received 269 reports linked to the Fun Coffee cryptocurrency investment scam as of Monday, with total losses reaching about HK$112 million.

Police said last week that the Vietnam-based company claimed to specialize in high-tech coffee equipment and coffee gene optimization technology.

Investors were allegedly instructed to download a mobile app and transfer cryptocurrency to designated digital wallets.

The suspected fraud came to light after the app abruptly ceased operating last month, leaving investors unable to withdraw their funds and prompting them to report the matter to police.

Police arrested six people earlier this month, including company directors, shareholders, a company secretary and alleged core members of the operation.

All six have been released on bail pending further investigation.

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