The coffee business was real — but it must be separated from GCM fundraising.
Fun Coffee Vietnam Joint Stock Company was incorporated on 23 April 2025, tax code 1702314457, at Ven 105, Venice Street, Sun Premier Village Primavera, Phu Quoc. Public company records identify Tran The Ngoc as the legal representative.
Coffee products and brand activities appeared publicly in Vietnam. A registered company selling real products does not by itself prove that an associated investment program was licensed, independently profitable or able to repay participants.
Company record — tax code 1702314457Ultimate ownership remains a material evidence gap.
Fun Coffee’s website said an international group of executives from finance, energy, technology, consumer goods and culture formed an investment team in 2019. It did not publish the founders’ names.
The most visible person in verifiable publicity was Li Jian Da, presented as the person responsible for global markets and as a brand representative at Fun Coffee Running 2025. Public evidence is not sufficient to establish that Li Jian Da or Tran The Ngoc founded or ultimately owned the wider system.
Two language versions stated figures ten times apart.
The English website claimed more than US$1 billion under management, over 5,000 members, more than 100 investment professionals and 50 risk assessors. The Vietnamese version of the same website stated that managed funds exceeded US$10 billion.
A 10× discrepancy within the same brand’s claims
KOLcheck found no audited financial statements, custodian, fund portfolio or independent record substantiating either figure. These were Fun Coffee’s claims, not independently verified assets under management.
Funds moved in USDT; returns and recruitment commissions were displayed in the app.
GCM was presented as a program using member capital to finance research, manufacturing and technology-related equipment. Singapore Police confirmed that participants downloaded the Fun Coffee app, sent USDT to wallet addresses supplied through it and selected an investment plan.
According to Hong Kong police reporting and BlockSec’s analysis, plans advertised annual returns of approximately 197%–278%. Referral commissions and login rewards were also used. Some early participants withdrew small amounts, increasing confidence and later investment sizes.
Events, sport and local offices created a trust layer beyond the app.
Fun Coffee invested in community programs, sport events, showrooms and a member network. In October 2025, Fun Coffee Running 2025 in Hanoi drew nearly 600 participants; Li Jian Da appeared as a brand representative.
Public material also named Hoang Minh Hien as a team leader in a Hoi An community activity and described Nguyen Thi Phuong (Thanh Phuong) as developing a product showroom in the former Hai Duong area. Brand participation does not by itself prove direct GCM fundraising; each person’s investment role requires separate evidence.
Tien Phong — Fun Coffee Running 2025Public warnings appeared more than two months before 20 July.
Khanh Hoa Provincial Police warned about advertised returns of 10%–30% per month, system commissions and team-volume bonuses.
Hong Kong’s SFC added Fun Coffee GCM Projects to its Suspicious Investment Products list, naming Fun Coffee in Hong Kong / Vietnam as operator and promoter.
The app stopped operating; participants could no longer withdraw principal or returns.
At least eight people were arrested in coordinated Hong Kong and Macau operations.
In early August 2026, Hong Kong and Macau police arrested eight people in a coordinated investigation. Those arrested in Hong Kong were described as including directors, shareholders, a company secretary and core members involved in promotion or recruitment. The case remains under investigation.
By 19 August, Hong Kong police had received 286 reports involving reported losses of about HK$118 million. In Singapore, police arrested a 49-year-old woman on 6 August on suspicion of actively promoting and recruiting for the scheme.
Arrest and investigation do not amount to conviction. Each person’s responsibility must be established through evidence and judicial process.
Blockchain reveals the flow structure, but not the ultimate beneficiaries’ identities.
On 28 August 2026, BlockSec published a trace beginning from one victim’s transactions. It identified a network of 99 TRON addresses that received 72,829,035 USDT from external sources.
Some funds returned to participant-linked addresses, consistent with early users receiving payouts. BlockSec identified at least 27,439,208 USDT moving through branches that did not return to the participant payout network.
This is BlockSec’s on-chain analysis, not a judicial finding about ownership or intent. Identifying beneficiaries requires exchange KYC data and law-enforcement records.
A real company and real products do not verify the source of investment returns.
Verified facts show that Fun Coffee had a legal entity and brand activity in Vietnam; GCM accepted USDT, advertised very high returns and used recruitment incentives; regulatory warnings appeared before the app stopped; police in multiple jurisdictions then opened investigations; and 72.8 million USDT has been traced through a linked network.
The central question is no longer only where the money moved, but who controlled the central wallets, who ultimately benefited, and how responsibility was divided across the company and national networks.
- Who actually founded and controlled the Fun Coffee system from 2019?
- Who controlled the chokepoint wallets receiving and distributing USDT?
- Who ultimately benefited from more than 27 million USDT that did not return to the payout network?
- What were the precise roles of the Vietnamese entity, international market team and recruiters in each jurisdiction?
Editorial disclosure
This profile separates company records, Fun Coffee’s own claims, regulatory warnings, investigation reporting and blockchain analysis. It does not make a finding of civil or criminal liability against any person without a final judgment. Named persons and organizations are invited to provide corrections or exercise a right of reply.