What Was Shark Bình Plotting Before His Arrest by Reviving the Digital Currency Scandal Online?

Shark Binh Arrested After Claiming Victim Status, Reigniting the Case

Yesterday (October 14), Hanoi Police officially announced the prosecution and temporary detention of Mr. Nguyen Hoa Binh (commonly known as Shark Binh), Chairman of the Board of Directors of NextTech Group Joint Stock Company, along with 9 other defendants involved in the case of “Fraudulent Appropriation of Property” and “Violation of Accounting Regulations Causing Serious Consequences.” Mr. Binh and his accomplices are accused of embezzling a substantial amount of money from the AntEx digital currency project.

The case has garnered public attention because this “shark” was the one who reignited the issue, despite it being concluded in 2021 and seemingly forgotten.

Commenting on the situation, Dr. Lawyer Dang Van Cuong from Chinh Phap Law Firm questioned, “It’s unclear why Shark Binh brought this up again, claiming to be a victim and spreading false information that fraud and cryptocurrency scams are easy to execute…”

According to Lawyer Cuong, such statements from the defendant suggest they are portraying themselves as victims and revisiting the issue to build an image or prepare for a new project or strategic plan.

“I believe this information could deceive naive investors into thinking Shark Binh is also a victim who lost money and cannot recover it, so they won’t pursue legal action. However, many individuals well-versed in law, blockchain technology, and digital currencies have filed complaints,” Lawyer Cuong stated.

To date, the investigation agency has determined that Shark Binh is not a victim but the mastermind behind the digital currency project, using his reputation to lure investors and embezzle their assets.

Nguyen Hoa Binh and His Accomplices’ Scheme to Defraud Investors

According to initial investigation results, in May 2021, Mr. Nguyen Hoa Binh and several others invested in developing the AntEx digital currency project, promoted as a “made in Vietnam” blockchain platform targeting the international market.

The initial capital was 5 billion VND, with Mr. Binh contributing 2 billion VND.

The founding team aimed to issue 100 billion AntEx tokens to the market. From August to November 2021, they sold 33.2 billion AntEx tokens to approximately 30,000 investors through cryptocurrency exchanges, earning around 4.5 million USDT (equivalent to 117 billion VND).

To bolster investor confidence, from November to December 2021, Mr. Binh repeatedly posted on social media, announcing the establishment of the Next100 Blockchain Investment Fund, committing to invest 50 million USD over 10 years to support digital currency projects, including AntEx.

Thanks to his fame from the “Shark Tank” show, Mr. Binh’s statements quickly gained traction, attracting more participants and preventing a token sell-off.

However, the investigation revealed that after raising a significant amount of money, Mr. Binh and NextTech shareholders withdrew funds from the project’s main wallet, transferred them to personal wallets of some group members, and converted them into Vietnamese currency for personal gain.

A portion of the funds was also transferred to companies within the NextTech ecosystem for purposes unrelated to the initial commitments to investors.

The “Short-Lived Token” and a Wave of Complaints

After an initial hype, by 2022, the AntEx digital currency lost value, ceased trading, and was deemed “short-lived,” leaving many investors unable to withdraw their funds.

In late September 2025, numerous complaints surfaced on social media, accusing the AntEx project of fraud and embezzlement.

Many reported losing hundreds of millions to billions of VND after investing in this digital currency, allegedly part of the NextTech Group ecosystem founded by Shark Binh.

Immediately after receiving the complaints, on October 6–7, the Economic Police Department (Hanoi Police) searched Mr. Binh’s company headquarters at 18 Tam Trinh, Hanoi.

Previously, the investigation agency had already monitored the activities of the individuals involved, collecting extensive evidence related to their operations within Shark Binh’s ecosystem. This is unrelated to the recent investor complaints – Lieutenant General Duong Duc Hai, Deputy Director of Hanoi Police.

During the search, police sealed numerous boxes of documents and electronic devices to aid the investigation.

According to Colonel Thanh Kien Trung, Deputy Head of the Economic Police Department, four victims have officially filed reports. “After the project launch, by 2022, the currency ceased operations, leading to the defendants’ embezzlement,” Colonel Trung stated.

The investigation agency determined that Mr. Nguyen Hoa Binh’s group withdrew funds from approximately 30,000 investment wallets, embezzling a substantial amount. The agency has seized assets worth approximately 900 billion VND, including 597 gold bars, USD, 18 land titles, and 2 cars.

The AntEx Digital Currency Fraud Case: Uncovering a Chain of Violations

Mr. Nguyen Hoa Binh (Shark Binh) was once a prominent figure in Vietnam’s startup community, founding NextTech Group, which owns multiple e-commerce platforms, digital wallets, and fintech solutions.

As a “shark” on the Vietnamese version of “Shark Tank,” Mr. Binh gained attention for his inspiring investment philosophies and statements.

However, the collapse of the AntEx project and allegations of fraud and embezzlement have tarnished Shark Binh’s image, raising alarms about investment risks in the largely unregulated digital currency and blockchain sector in Vietnam.

Hanoi Police are expanding their investigation to clarify the roles of individuals and member companies within the NextTech ecosystem involved in the AntEx project’s financial flows.

“Given Shark Binh’s ecosystem, the investigation won’t stop at these two charges. There are many more violations,” Colonel Thanh Kien Trung revealed.