Shark Bình’s Blunt Take on Crypto Investors: Early Profits Rarely Earn Thanks, But Losses Spark Blame and Backlash

On June 26th, Mr. Nguyen Hoa Binh, Chairman of NextTech Group, hosted a livestream on his personal fanpage, discussing the topic “Cryptocurrency Assets – Opportunities and Risks.”

During the livestream, Mr. Binh admitted to having limited knowledge of blockchain technology. However, he maintained his stance that blockchain has yet to deliver significant practical value to everyday life. He likened it to a “game” orchestrated by major powers, with smaller nations, including Vietnam, being drawn into it.

Mr. Binh noted that statistics show over 17 million Vietnamese own cryptocurrency, with transactions totaling hundreds of billions of USD. Yet, he observed that most investors are low-income individuals, students, or those seeking quick riches, making them more susceptible to risks.

Regarding the AntEx project, in which his company invested, Mr. Binh reiterated that he, too, was a victim.

“When investing in tech startups, I always prioritize integrity. Success or failure is normal, but exploiting others’ money is unacceptable. My greatest fear is encountering unethical startups that engage in fraud or embezzlement. I’ve never held such intentions, believing that actions reflect on one’s virtue and future generations,” Mr. Binh stated.

Shark Binh highlighted a common misconception between “investors/shareholders” and “business operators.” Shareholders merely contribute capital, while management is the responsibility of the executive team. Investors cannot be held solely accountable for a company’s failure or misconduct.

Additionally, Mr. Binh criticized the unprofessionalism of investors who blame others instead of accepting market risks.

“When prices rise, investors rarely express gratitude for profits. Yet, when prices fall, they often complain or even insult. This mindset is unprofessional. Investing requires accepting both gains and losses, just like with gold or stocks. Unless there’s price manipulation, losses are part of the game,” he explained.

In the crypto space, Mr. Binh identified two investor groups. The first comprises business investors who contribute capital and hold shares without direct management. The second includes early-stage coin investors who trust whitepapers and buy coins pre-listing.

He warned that the second group faces higher risks. Coins can be manipulated, dumped, or stolen through backdoor exploits. The crypto market is inherently manipulative, controlled by project teams. If prices are “pumped and dumped,” investors may lose everything with no recourse, as governments previously did not recognize or regulate these assets.

“I’ve been involved in such projects. Without clear legal evidence, I had to accept the losses. This resembles celebrities endorsing flawed products: contracts and certifications were valid initially, but later changes led to scandals. Though not illegal, the endorser’s reputation suffers. I’ve faced similar misunderstandings and recently spoke out to clarify my stance and caution other investors.

Therefore, my advice is: carefully consider before entering crypto. I neither encourage nor discourage it, but each individual must take responsibility for their decisions,” he emphasized.