Woman arrested in Singapore as part of probe into Fun Coffee investment scheme
Singaporean authorities have arrested a 49-year-old woman for her involvement in the 'Fun Coffee' investment scheme, which is suspected of being a pyramid fraud. The platform, allegedly based in Vietnam, promised high returns via cryptocurrency before shutting down and leaving investors unable to withdraw funds.
Why it matters
This highlights the growing prevalence of cross-border cryptocurrency investment scams and the challenges authorities face in regulating decentralized financial platforms.
The 49-year-old woman was arrested on Thursday following investigations into the platform, which is purportedly based in Vietnam.
A cafe operated by Fun Coffee along Jalan Besar. (Photo: Fun Coffee website)
SINGAPORE: A 49-year-old woman has been arrested in Singapore over her alleged role in promoting an investment scheme linked to the Fun Coffee platform, which authorities said resembles a pyramid-selling scheme.
In a media release on Saturday (Aug 8), the police said the woman was arrested on Thursday following investigations into the platform, which is purportedly based in Vietnam.
Preliminary investigations indicate that she had actively promoted the scheme and recruited others to join. Users were required to download the “Fun Coffee” application and transfer Tether (USDT), a cryptocurrency pegged to the US dollar, into digital wallet addresses provided through the app.
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