Vietnamese entrepreneur and television investor Nguyen Hoa Binh, widely known as Shark Binh, has been arrested and prosecuted for orchestrating a major cryptocurrency fraud linked to the AntEx blockchain project and NextTech Group, authorities confirmed Monday.
Shark Nguyen Hoa Binhโs Arrest and Charges
According to the Hanoi City Police, investigators have charged Binh and nine accomplices with:
- Fraudulent Appropriation of Property (Article 174, Penal Code)
- Violations of Accounting Regulations Causing Serious Consequences (Article 221)
The arrests came after a week-long investigation and search at NextTechโs headquarters on Tam Trinh Street, Hanoi. Police seized dozens of sealed evidence boxes and have frozen assets worth nearly โซ900 billion VND (โ$36 million) tied to the case.
The AntEx Cryptocurrency Scheme
Launched in mid-2021, the AntEx project was promoted as a โsecure financial ecosystemโ featuring a stablecoin called VNDT. Binh, leveraging his reputation from Shark Tank Vietnam, announced that his Next100 Blockchain Fund would invest $50 million into AntEx over ten years.
Investigators say this publicity drove mass investor confidence. Between August and November 2021, Binh and his team sold over 33 billion AntEx tokens to about 30,000 investors, collecting 4.5 million USDT (โ$4.5 million USD).
Instead of developing the promised blockchain infrastructure, the group allegedly transferred investorsโ money into personal wallets and NextTech-linked companies, using the funds for unrelated purposes.
Collapse and Rebranding Attempt
When AntEx tokens lost 99% of their value in late 2021, the project quietly rebranded to Rabbit (RAB) in March 2023, converting tokens at a ratio of 1,000 AntEx to 1 RAB.
Authorities say this move aimed to erase the projectโs failed trading history. The new token also collapsed shortly after launch, leaving investors with worthless digital assets.
Police also uncovered evidence of two separate accounting systems within NextLand, a real estate company founded by Binh in 2022. Investigators allege that the firmโs books were falsified to underreport revenue and evade taxes, causing significant state budget losses.
From Tech Icon to Criminal Defendant
Nguyen Hoa Binh, 44, was once hailed as one of Vietnamโs leading tech visionaries. He founded PeaceSoft in 2001, the precursor to NextTech Group, which grew into a sprawling tech ecosystem operating across seven countries and 20 subsidiaries, including:
- NgรขnLฦฐแปฃng.vn, a pioneer in online payments
- Boxme, a logistics platform for e-commerce
- FastGo, a ride-hailing app
- Next100 Ventures, a venture capital fund
His empire was once valued at over $1 billion, earning him the nickname โVietnamโs Jack Ma.โ
Authorities continue to expand the probe into the AntExโNextTech financial network, calling on affected investors to submit transaction evidence. If convicted, Binh faces a maximum sentence of life imprisonment for fraud involving โparticularly large sums.โ
The case marks one of the largest crypto-related frauds in Vietnamโs history and underscores the governmentโs tightening stance on digital asset regulation.
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