Fun Coffee wallets moved HK$570 million, left HK$12
HK01 · 1 SOURCESabout 3 hours ago2 MIN
Summary
BlockSec says 99 receiving wallets linked to the alleged Fun Coffee scheme processed 72.83 million USDT, equivalent to about HK$570 million, and that the combined balance now stands at just 1.52 USDT, or roughly HK$12. The findings deepen scrutiny of a platform that Hong Kong police and Macau investigators targeted in arrests in early August, in a case involving at least 286 reports and HK$118 million across the two places
Key Points
- HK01 previously reported that Fun Coffee claimed to be rooted in Vietnam and investing in coffee, but was in fact a cryptocurrency investment scam that entered Hong Kong by late 2025
- Vietnam's Ministry of Public Security warned in May 2026 that Fun Coffee was suspected to be a Ponzi scheme, before arrests were made in Hong Kong and Macau in early August
- Using one victim's transfer records, BlockSec traced 99 recipient wallets and found they handled 72.83 million USDT, about HK$570 million in total flows
- Of that amount, 27.44 million USDT, about HK$215 million, was transferred out to unknown endpoints, while roughly 45.39 million USDT was split into smaller return flows
- BlockSec said 91 first-layer wallets collected funds from retail investors, with monthly inflows rising from about 520,000 USDT in November 2025 to 14.34 million USDT in July 2026
Why It Matters
The wallet analysis suggests the platform was still attracting increasing inflows in July 2026, shortly before it stopped operating, rather than shutting because it had run out of money. For Hong Kong readers, the near-empty balances in the traced wallets underline how quickly suspected fraud proceeds can be moved beyond immediate recovery once funds are layered across multiple addresses