Rabbit

Million

Read

would

Key Points:
<ul>
 <li>Shark Nguyen Hoa Binh arrested for a $4.5 million cryptocurrency scam involving AntEx and NextTech.</li>
 <li>Authorities say 30,000 investors were defrauded through fake token sales.</li>
 <li>Police seized assets worth nearly 900 billion VND ($34,2 million) as the investigation expands.</li>
</ul>
<figure class="wp-block-image aligncenter size-full">
 <a href="https://coincu.com/wp-content/uploads/2025/10/shark-binh-arrested-image.png" rel="noopener noreferrer nofollow"><img src="https://coincu.com/wp-content/uploads/2025/10/shark-binh-arrested-image.png" alt="shark nguyen hoa binh officially arrested"></a>
 <figcaption>
 Shark Nguyen Hoa Binh officially arrested.
 </figcaption>
</figure>
Shark Nguyen Hoa Binh, chairman of NextTech Group and a well-known investor on Shark Tank Vietnam, has been arrested and prosecuted for orchestrating a large-scale cryptocurrency fraud through the AntEx project.
According to <a href="https://laodong.vn/" rel="noopener noreferrer nofollow">laodong.vn</a>, a Vietnamese local news site, he faces charges of Fraudulent Appropriation of Property and Violating Accounting Regulations Causing Serious Consequences, under Articles 174 and 221 of Vietnam’s Penal Code.
<h2 class="wp-block-heading" id="what-was-the-antex-scam">What Was the AntEx Scam?</h2>
The AntEx project, launched in 2021, was introduced as a blockchain ecosystem aimed at developing a Vietnamese stablecoin called VNDT. Binh and his partners claimed AntEx would “revolutionize Vietnam’s digital finance,” luring investors through social media and public appearances.
<figure class="wp-block-image aligncenter size-large">
 <a href="https://coincu.com/wp-content/uploads/2025/10/antex-team-members.webp" rel="noopener noreferrer nofollow"><img src="https://coincu.com/wp-content/uploads/2025/10/antex-team-members-1024x428.webp" alt="AntEx team members "></a>
 <figcaption>
 A capture of team member of AntEx, source: thanhnien.vn
 </figcaption>
</figure>
Between August and November 2021, the team sold 33.2 billion tokens to about 30,000 investors, raising 4.5 million USDT (~117 billion VND). However, investigators found the funds were diverted into private wallets and NextTech-affiliated companies, rather than used to develop the promised platform.
As vnexpress <a href="https://vnexpress.net/shark-nguyen-hoa-binh-bi-bat-4948070.html" rel="noopener noreferrer nofollow">reported</a>, AntEx tokens lost 99% of their value by late 2021. In 2023, Binh’s team rebranded the failed coin as Rabbit (RAB), a move seen as an attempt to <a href="https://coincu.com/scam-alert/0g-labs-twitter-hacked-suspicious-links/" rel="noopener noreferrer nofollow">erase the collapse</a>. RAB also crashed to near zero shortly afterward.
<h2 class="wp-block-heading" id="accounting-fraud-inside-nexttech-and-nextland">Accounting Fraud Inside NextTech and NextLand</h2>
Beyond AntEx, Binh also faces charges of double bookkeeping and tax evasion at NextLand, a real estate arm of NextTech. Police reportedly said that Binh instructed staff to maintain two accounting systems, one “official” for tax reporting, and another internal system recording real revenue and profits.
Nguyen Hoa Binh was once hailed as “Vietnam’s tech shark”, having built NextTech Group into a regional tech powerhouse spanning 20 companies across 7 countries. The group’s businesses ranged from:
<ul>
 <li>Fintech: NganLuong.vn, VIMO, mPOS</li>
 <li>E-commerce &amp; Logistics: Boxme, NextSmartShip</li>
 <li>Ride-hailing: FastGo</li>
 <li>Venture Capital: Next100 Ventures</li>
</ul>
<figure class="wp-block-image aligncenter size-large">
 <a href="https://coincu.com/wp-content/uploads/2025/10/NextTech-Group-shark-binh-valuation.jpg" rel="noopener noreferrer nofollow"><img src="https://coincu.com/wp-content/uploads/2025/10/NextTech-Group-shark-binh-valuation-1024x576.jpg" alt="NextTech ecosystem of shark Binh"></a>
 <figcaption>
 NextTech ecosystem of shark Binh.
 </figcaption>
</figure>
At its peak, NextTech was valued at over US$1 billion and praised as “Vietnam’s Alibaba.” But by 2022, several NextTech ventures had begun to falter. FastGo scaled down operations, and multiple startups under the group quietly dissolved. The AntEx collapse, and now Binh’s arrest, mark a stunning downfall for one of Vietnam’s most prominent tech figures.
Binh, once celebrated for mentoring startups on Shark Tank Vietnam, now faces the prospect of life imprisonment if found guilty of “appropriating property of particularly large value.”
While detained, Binh has <a href="https://www.facebook.com/SharkBinh/posts/pfbid0S1dWg9eumGv8V3yfBbAZyA4AN76oTmEq44JuixpHCk5Jc93SEsnkosMAXrj6ZHMGl" rel="noopener noreferrer nofollow">publicly claimed</a> he was a victim, not a perpetrator, saying he lost his own US$2.5 million investment in AntEx and was “defamed by insiders.” However, police maintain that the evidence shows <a href="https://coincu.com/scam-alert/cz-debunks-photo-scam/" rel="noopener noreferrer nofollow">intentional deception and misappropriation</a> from the outset of the project.
<figure class="wp-block-image aligncenter size-full">
 <a href="https://coincu.com/wp-content/uploads/2025/10/shark-binh-scam-on-face-book.png" rel="noopener noreferrer nofollow"><img src="https://coincu.com/wp-content/uploads/2025/10/shark-binh-scam-on-face-book.png" alt="shark Binh claimed he was a victim on social media"></a>
 <figcaption>
 Shark Binh claimed he was a victim on social media, source: Facebook.
 </figcaption>
</figure>
<h2 class="wp-block-heading" id="strong-ongoing-investigation-strong">Ongoing Investigation</h2>
The Hanoi Police confirmed that the AntEx case remains under expanded investigation, with further examination of NextTech’s internal financial network, blockchain transactions, and associated companies.
Authorities have urged affected investors to submit evidence of transactions and losses to aid the recovery process.
As Vietnam tightens oversight on digital asset fundraising and unlicensed investment activities, the arrest of Shark Nguyen Hoa Binh stands as a landmark case, a cautionary tale about unchecked ambition, celebrity influence, and the dark side of Vietnam’s booming tech startup scene.
<figure class="wp-block-table">
 <table class="has-fixed-layout">
 <tbody>
 <tr>
 <td>DISCLAIMER:&nbsp;The information on<a href="https://coincu.com/" rel="noopener noreferrer nofollow">&nbsp;this website</a>&nbsp;is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.</td>
 </tr>
 </tbody>
 </table>
</figure> <a href="https://coincu.com/?p=368618" rel="noopener noreferrer nofollow">Read original article on coincu.com</a>

Vietnam’s “Tech Shark” Nguyen Hoa Binh Detained Over $4.5 Million Crypto Fraud

Table of Contents

Coincu

Other articles published on Oct 14, 2025

Join our free newsletter for daily crypto updates!