Who Falls Victim to Shark Binh’s Tactics?

On October 10, 2025, the Investigation Police Agency of Hanoi City Police issued a decision to prosecute the case and indict Nguyen Hoa Binh (Shark Binh) and nine others for fraud to appropriate property under Article 174 of the Penal Code and violation of accounting regulations causing serious consequences under Article 221 of the Penal Code.

According to Hanoi City Police, based on the collected evidence, it was initially determined that Nexttech Group Joint Stock Company is chaired by Nguyen Hoa Binh (born in 1981). Around May 2021, Nguyen Hoa Binh, along with several individuals knowledgeable about digital currency (a secure data chain built on blockchain technology), agreed to invest in developing the “Antex digital currency” project (stored on the Binance digital wallet).

From August 2021 to November 2021, the group issued and sold 33.2 billion tokens to approximately 30,000 investors on various exchanges, raising 4.5 million USDT (equivalent to 4.5 million USD or approximately 117 billion VND) in a digital wallet on the trading platform.

Subsequently, Nguyen Hoa Binh and Nexttech’s shareholders withdrew funds from the Antex project’s main wallet, transferred them to individual digital wallets within the project, and converted them into VND for personal distribution. They also transferred funds to companies within Nexttech’s ecosystem for unauthorized purposes, misappropriating a substantial amount from investors. To date, Nguyen Hoa Binh and the founding shareholders have withdrawn funds from 30,000 investor wallets, embezzling an exceptionally large sum.

The Investigation Police Agency of Hanoi City Police has seized and frozen assets totaling approximately 900 billion VND, including 597 gold bars, USD, 18 land titles, 2 cars, and various documents, records, electronic devices, and related materials. To date, the suspects have only compensated 3.45 billion VND.

Expanding the investigation, Hanoi City Police discovered that in 2022, Nguyen Hoa Binh directed the establishment of Nextland Real Estate Trading JSC. Binh appointed Doan Van Tuan and Nguyen Ha Thuy as directors and legal representatives, and instructed Nguyen Thi Thanh Huong, Tran Thi Thuy Van, Nguyen Ha Thuy, and Doan Van Tuan to maintain two separate accounting systems to track the company’s financial activities. Binh ordered employees to underreport profits and conceal revenue by undervaluing sales contracts with customers (actual sales and revenue were tracked internally), causing significant losses to the state budget.

Hanoi City Police continue to investigate and clarify violations within Nexttech Group’s subsidiaries. Victims of the case are urged to contact the Economic Police Department, Hanoi City Police, at 382 Kham Thien, Van Mieu Ward, Hanoi. Contact Investigator Bui Duc Hieu at 0983.794.570.