Hong Kong actor and singer Alex Fong Lik Sun disclosed substantial financial losses from investing in non-fungible tokens, admitting he hid the scale of the downturn from his family during a volatile period for digital collectibles and the broader crypto market.
The 46-year-old entertainer opened up about his pandemic-era financial struggles during a recent interview on a web show, revealing that his cryptocurrency missteps surpassed any downturns he previously experienced in the stock market.
Alex Fong Details Hidden Crypto Losses and Pandemic Financial Pressures
Fong explained that his financial difficulties began after he purchased a property just before the Covid-19 pandemic, a time when entertainment work grew scarce. Looking at his remaining bank balance left him frightened, though he noted he has since managed a modest recovery.
The amount was so substantial that I did not dare tell my family. My wife would ask me every day how much I lost and how many digits the amount is…
Alex Fong Lik Sun, singer-actor
The entertainer married artist Ye Xuan in February 2025, and the couple announced the birth of their daughter that December. Reflecting on his past desire to get rich quickly through speculative assets, Fong issued a warning to the public.
Luxury Watch Spending Spree Driven by Career Insecurity
Alongside his digital asset losses, Fong admitted to coping with career anxiety by splurging on high-end accessories. When work dried up, he spent between HK$100,000 (RM52,010) and HK$200,000 (RM104,020) on luxury timepieces that he rarely wore.
I was afraid people would realise that my career wasn’t going well, so I spent the most money when I was at my lowest point.
Alex Fong Lik Sun, singer-actor
His spending habits shifted permanently after he read an online article examining how individuals purchase luxury goods to project success and mask professional setbacks. Now supporting a wife and daughter, Fong maintains a stricter budget, noting that even if he holds ten Hong Kong dollars, he sets aside a larger portion for family security rather than discretionary purchases.
The Rise and Fall of Celebrity NFT Collections in Asia
Fong’s losses coincide with a broader market contraction across digital collectibles. The speculative frenzy took off in September 2021 when Christie’s held its first Asian digital asset auction, titled No Time Like Present,
which was built around Hong Kong actor Shawn Yue’s collection. That online sale brought in HKD 121.6 million ($15.6 million), featuring rare Bored Ape Yacht Club tokens, CryptoPunks, and Meebits.
Celebrity involvement accelerated rapidly thereafter. When Jay Chou’s PhantaBear collection launched on January 1, 2022, all 10,000 tokens sold out in 40 minutes at 0.26 ETH each, equivalent to about $1,000. Within days, the collection surpassed Bored Ape Yacht Club in market interest, while Edison Chen’s Heart Project saw sales jump over 20,000% as public excitement peaked.
However, the hype faded just as quickly. By June 2022, PhantaBear’s floor price plummeted 96.6% from its peak to roughly 0.65 ETH, or about US$730, falling below its original launch price. Digital assets tied to Chen and Yue experienced similar sharp declines once initial market enthusiasm evaporated.
Market Infrastructure Folds as Marketplace Volume Collapses
The retail downturn mirrors broader infrastructure contractions within the digital asset economy. Blur, a platform that once commanded over 70% of all Ethereum digital asset trading volume, announced a website closure plan alongside the wind-down of new loans on its Blend lending service.
The marketplace’s monthly volume dropped from approximately $1.43 billion in March 2022 to under $7 million three years later, representing a decline of more than 99.5%. The closure follows the shutdown of Blast, another project founded by Blur creator Tieshun Roquerre. Amid these industry contractions, platforms like Binance ended digital asset trading services, while Nifty Gateway closed its doors and Magic Eden shifted its focus toward Solana.
