Hanoi police charge Shark Binh over $34 million AntEx crypto fraud case
The AntEx cryptocurrency project, once hailed as a promising blockchain venture, has become one of Vietnam’s biggest alleged crypto frauds, with police seizing assets worth about VND900 billion (US$34 million) and charging ten people, including businessman Nguyen Hoa Binh, known as “Shark Binh.”
THE HANOI TIMES — The Hanoi Department of Public Security on October 14 announced the prosecution of Nguyen Hoa Binh, 44, and nine others for allegedly defrauding investors through the AntEx cryptocurrency project.
Authorities have frozen and seized assets worth around VND900 billion (US$34 million), including nearly 600 taels (1,058 ounces) of gold, large amounts of US dollars, 18 land-use certificates, two cars, and related documents, records and electronic devices.
Nguyen Hoa Binh, known as Shark Binh, being interrogated by the Hanoi police. Photo courtesy of the Hanoi Department of Public Security
According to investigators, Binh and his partners invested VND5 billion ($190,000) in the AntEx digital currency project in 2021, with Binh contributing VND2 billion ($75,900).
He later established the Vietnam Blockchain Technology Service JSC. Through the company’s Next100Blockchain Fund, Binh publicly announced a $2.5 million investment in AntEx and took on the role of strategic advisor.
Promoted as a decentralized finance (DeFi) ecosystem aiming to develop the VNDT stablecoin, AntEx attracted significant attention from local investors despite Vietnam lacking a legal framework for digital assets.
The initial capital was transferred to the company’s account to pay staff, technical teams and server costs. Later, the group announced plans to issue 100 billion AntEx tokens to the market.
Between August and November 2021, they sold 33.2 billion tokens to about 30,000 investors through various exchanges, earning 4.5 million USDT (equivalent to $4.5 million or about VND117 billion).
Investigators found that from November to December 2021, Binh used his reputation to post information online about launching the Next100Blockchain Fund. He pledged to invest $50 million in cryptocurrency projects over ten years, aiming to promote AntEx and maintain investor confidence.
However, shortly after, the AntEx token lost 99% of its value. The project’s website and communication channels shut down one by one. In March 2023, AntEx rebranded as Rabbit (RAB), but the new token also plunged by 95% from its peak, effectively collapsing the project.
Despite the failed project, Binh and shareholders of NextTech withdrew funds from the AntEx master wallet, transferring them to personal wallets, converting them into cash and dividing the money among themselves. They also funneled investor funds into other NextTech ecosystem companies for unauthorized use.
Police determined that Binh and his associates had withdrawn money from 30,000 investor wallets, misappropriating a large amount. So far, the defendants have returned about VND3.45 billion ($131,000) to mitigate losses.
During the ongoing investigation, police discovered that in 2022, Binh ordered the establishment of Nextland Real Estate Business Joint Stock Company. He appointed Doan Van Tuan and Nguyen Ha Thuy as company directors and legal representatives and assigned several individuals to manage two sets of accounting books to track financial activities.
Binh instructed employees to understate profits and conceal revenue by lowering contract values with customers. Actual sales and revenue were recorded only in internal accounts, causing substantial losses to the state budget.
Nguyen Hoa Binh, widely known as Shark Binh, is a well-known Hanoi businessman. He began his career in 2001 by founding PeaceSoft, a software solutions company. In 2005, he shifted toward e-commerce – a new field in Vietnam at the time.
Later, as e-commerce competition intensified with the rise of Lazada and Shopee, PeaceSoft’s projects gradually lost market share.
In 2013, Binh restructured his company, renaming it Future Technology Investment and Development Co Ltd, later known as NextTech Group, focusing on four core areas: fintech, e-commerce, e-logistics and education–social services. The group invested in about 20 companies, building a large, interconnected ecosystem.
NextTech has launched more than 20 projects, including the NganLuong payment gateway, logistics venture HeyU and FastGo and job-finding platform TopCV.
