Fun Coffee (GCM Project)
Summary
Fun Coffee, also marketed as the GCM Project, was a purported Vietnam-based coffee technology investment scheme that operated a cryptocurrency deposit and multi-level-commission structure promising annual returns of 197% to 278%. The scheme entered the Hong Kong market in late 2025, was placed on the Hong Kong Securities and Futures Commission's suspicious investment product alert list on July 13, 2026, and collapsed on approximately July 20, 2026, when its mobile app, withdrawals, and customer support went offline simultaneously. A joint Hong Kong–Macau police operation in August 2026 resulted in eight arrests; a ninth arrest followed in Singapore. Confirmed police-reported losses stand at approximately HK$104 million (US$13.3 million) across more than 255 complaints as of early August 2026, while investors in a roughly 4,000-member chat group allege combined losses exceeding HK$1 billion (US$127 million).
Connected Entities
1 entities · 10 linked investigations- + 3 more
Timeline(13 events)
2025-07-01
Alleged early recruitment in Hong Kong begins; individuals paid HK$400 per promotional video shoot.
South China Morning Post2025-10-01
Fun Coffee USDT investment platform formally launched according to reporting citing scheme timeline.
South China Morning Post2025-12-01
Fun Coffee hosts running event in West Kowloon with TVB entertainer Louis Yuen Siu-cheung attending as a paid host; leaflets distributed in Hong Kong.
South China Morning Post2026-05-01
Vietnam's Ministry of Public Security warns via state television that Fun Coffee bears hallmarks of a Ponzi scheme.
South China Morning Post2026-07-13
Hong Kong Securities and Futures Commission places Fun Coffee GCM Projects on its Suspicious Investment Products alert list, warning investors they risk total loss of principal.
SFC Hong Kong2026-07-20
Fun Coffee mobile application goes offline; withdrawals are frozen; customer support channels cease responding; physical offices in Hong Kong are vacated.
crypto.news2026-07-21
Singapore investors confirm they are unable to withdraw funds, consistent with collapse date.
Mothership.sg2026-07-31
Hong Kong Police confirm receipt of 115 reports; case referred to Commercial Crime Bureau deception investigation team. Fun Coffee outlets reported empty across Hong Kong.
Dim Sum Daily2026-08-01
Joint Hong Kong Police Force and Macao Judiciary Police operation begins; two women detained in Macao on aggravated fraud charges.
The Standard2026-08-04
Six individuals arrested in Hong Kong (one man, five women aged 51-64) on suspicion of conspiracy to defraud; roles include company directors, shareholders, secretary, and core promoters. Total Hong Kong complaints at 225 with HK$94 million in reported losses.
South China Morning Post2026-08-05
Hong Kong police update reported losses to HK$104 million across 255 complaints. Six Hong Kong suspects released on bail pending further investigation.
crypto.news2026-08-06
Singapore Police Force arrests a 49-year-old woman for allegedly promoting or participating in a pyramid selling scheme under the Multi-Level Marketing and Pyramid Selling (Prohibition) Act 1973.
Mothership.sg2026-08-10
Investigation ongoing; legislator Johnny Ng estimates more than 1,000 victims; investor chat group of roughly 4,000 members alleges combined losses exceeding HK$1 billion.
South China Morning PostDecision Log
- #1publish⛓ pending8/10/2026, 5:15:29 PMhash: 8xyYDXqq7juLEQgjSbzvoTmnFDyN9Lo72BaHFYV2jdGi
16 of 17 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 8/10/2026, 5:15:08 PM
last updated: 8/10/2026, 11:05:00 PM
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