Singapore arrests 49-year-old in Fun Coffee crypto scheme probe
What's new: Police said users were promised high returns and recruiting commissions, then lost access to withdrawals on the app.
Singapore police arrested a 49-year-old woman after the collapse of the Fun Coffee investment platform, which investigators said operated like a pyramid-selling scheme. Police said she promoted the scheme and recruited others, who were told to download the app and transfer Tether, or USDT, to digital wallet addresses listed there. Participants were later unable to withdraw their money. The woman is being investigated under the Multi-Level Marketing and Pyramid Selling (Prohibition) Act and could face up to five years in jail, a fine of up to S$200,000, or both. The case follows arrests in Hong Kong and Macau tied to the same platform, where about 200 investors lost nearly HK$100 million. Fun Coffee said it was based in Phu Quoc, Vietnam.