CaliToday (14/10/2025): In a major crackdown on cryptocurrency fraud, Hanoi Police have arrested prominent tech entrepreneur Nguyen Hoa Binh, widely known as "Shark Binh," and frozen assets worth approximately 900 billion VND (around $35.4 million USD) in connection with the Antex digital currency project.
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| Shark Binh and his accomplices at the investigation agency - Photo: Provided by Hanoi Police |
Binh and his accomplices are accused of defrauding tens of thousands of investors by promising to build a "Vietnamese digital currency ecosystem," ultimately appropriating hundreds of billions of VND.
The Hanoi Police Department officially announced the developments at a press conference on the afternoon of October 14. They have initiated a criminal case and pressed charges against Nguyen Hoa Binh, 44, Chairman of NextTech Group Corporation, and nine other individuals. The charges include "fraudulent appropriation of assets" and "violating accounting regulations causing serious consequences."
Leveraging a Public Profile to Promote a Virtual Project
The investigation began after police monitored online activities and received public complaints regarding suspicious, fraudulent behavior linked to the "Antex digital currency" project, which was heavily promoted by Shark Binh.
According to investigators, Binh and his partners established the project with the stated goal of selling the Antex token to raise capital for a future "VNDT digital currency" and a corresponding "VNDT e-wallet." However, police determined that the VNDT project was never substantially developed.
The group reportedly pooled an initial investment of 5 billion VND, with Binh personally contributing 2 billion VND. He then allegedly directed the establishment of the "Vietnam Blockchain Technology Services JSC" to serve as the project's legal entity. This initial capital was used for operational expenses such as employee salaries, server costs, and technical development, lending an air of legitimacy to the operation.
The core of the scheme involved a plan to issue and sell 100 billion Antex tokens to the public. Between August and November 2021, the group successfully sold 33.2 billion Antex tokens to approximately 30,000 investors across various exchanges, raising 4.5 million USDT (equivalent to $4.5 million USD or about 117 billion VND).
Deceptive Tactics and Embezzlement
To bolster investor confidence and prevent a mass sell-off that would crash the token's value, from November to December 2021, Binh allegedly used his significant public reputation and influence as a "Shark" on the Vietnamese version of Shark Tank. He announced the launch of the "Next100 Blockchain" investment fund, pledging a $50 million investment in digital currency projects over ten years.
Police stated this announcement was a tactic to retain investors' capital. Behind the scenes, as the project failed to meet its roadmap, Nguyen Hoa Binh and other NextTech shareholders allegedly began systematically withdrawing funds from the main Antex project wallet. The crypto assets were transferred to their personal e-wallets, sold, and converted into Vietnamese Dong (VND), which was then divided among them.
Furthermore, a portion of the investors' money was funneled into other companies within the NextTech ecosystem for purposes unrelated to the Antex project. Investigators concluded that Binh and the founding shareholders had systematically withdrawn funds from the 30,000 investor wallets, appropriating a "particularly large" sum of money.
Massive Asset Seizure and Broader Investigation
The Police Investigation Agency has seized and frozen assets belonging to the defendants valued at approximately 900 billion VND. This includes:
597 taels of gold
An undisclosed amount of U.S. dollars
18 land use right certificates (red books)
2 automobiles
Numerous documents, financial records, and electronic devices.
To date, the defendants have voluntarily returned 3.45 billion VND to authorities as part of restitution efforts.
The investigation has also uncovered further alleged wrongdoing. In 2022, Binh reportedly directed the establishment of NextLand Real Estate JSC. He then instructed key employees, including Director Doan Van Tuan and legal representative Nguyen Ha Thuy, to maintain two separate sets of accounting books. This dual-bookkeeping system was allegedly used to underreport the actual value of real estate sales on official contracts, thereby concealing revenue and evading a significant amount of taxes, causing major losses to the state budget.