Fun Coffee, a company based in Phu Quoc, Vietnam, claimed assets over US$1 billion and employed more than 5,000 people as it expanded into Singapore, Hong Kong, and Macau markets [1, 2, 3]. The firm encouraged investors to fund its operations through cryptocurrency, specifically Tether (USDT), using wallet transfers via its proprietary app [1, 4, 3].

The scheme promised annual returns ranging from 197% to 278%, alongside commissions for recruiting new members. Singapore Police said, "The plans promise unrealistically high returns and offer additional commissions for recruiting others to join the scheme. Participants of the investment scheme in Singapore were subsequently unable to withdraw their funds through the Fun Coffee application" [1, 5, 3].

Fun Coffee entered the Singapore market in 2025, opening locations at 202 Jalan Besar and 692 Geylang Road. However, visits to these outlets revealed minimal actual coffee operations, limited mainly to vending machines with no proper coffee counters and poor-quality promotional materials [2, 6]. Finance worker Bryan Ho described an October 2025 event as "very weird, childish and basic," adding the company made exaggerated claims about its income sources including Amazon and telemedicine [6].

A Singapore permanent resident, aged 48, began investing about $400,000 in June 2025 and initially received some returns, but lost access to her funds after the app went offline on July 20, 2026. She told reporters, "I feel very guilty, because I introduced them to this. I even invested all the money from my business (into the app). I now have about $80 left in my bank account. I don’t know what to do" [1, 7, 8].

The Fun Coffee app collapse halted all withdrawals in late July 2026, exposing around 200 investors across Singapore, Hong Kong, and Macau to collective losses near HK$100 million (S$16.3 million) [1, 2, 3]. Hong Kong and Macau authorities arrested eight individuals linked to the scheme in early August 2026. In Singapore, a 49-year-old woman was arrested on August 6 for actively promoting Fun Coffee and recruiting others, facing charges under the Multi-Level Marketing and Pyramid Selling (Prohibition) Act with penalties up to five years imprisonment or a $200,000 fine [2, 9, 3].

Police warned the public not to make further payments or remit funds through personal PayNow QR codes, mobile numbers, or overseas accounts related to Fun Coffee [2, 10]. On August 7, The Straits Times observed a coffee vending machine at Fun Coffee’s registered address at 202 Jalan Besar, confirming the limited physical operation [2, 10].

Authorities continue investigations into the scheme amid growing concerns from defrauded investors. Legal proceedings are expected against those arrested in Singapore and the region in the coming months.