As reported by Bao Nguoi Lao Dong, on the afternoon of October 14, Hanoi Police filed charges against Mr. Nguyen Hoa Binh (Shark Binh), Chairman of NextTech Group Joint Stock Company, and nine others for Fraudulent Appropriation of Property and Violation of Accounting Regulations with severe consequences.
According to the investigation, in 2021, Mr. Nguyen Hoa Binh and several experts developed the “AntEx digital currency” project, heavily promoted on social media, promising a $50 million investment through the Next100 Blockchain fund.
However, authorities determined the project was not implemented as promised. Instead of developing the product, the group withdrew funds from the main wallet, transferring them to personal wallets and companies within the NextTech ecosystem, defrauding approximately 30,000 investors of a substantial amount.
Prior to AntEx, numerous fraudulent cryptocurrency projects were dismantled by authorities using similar schemes. In August 2025, Hanoi Police arrested the operators of Wingstep and Naga Kingdom, who scammed over 3,000 people, totaling around 200 billion VND.
In May 2025, Dong Nai Police dismantled the Matrix Chain (MTC) scheme, a multi-level cryptocurrency scam that defrauded nearly 10,000 billion VND, considered Vietnam’s largest digital currency fraud case.
Despite repeated warnings from authorities and experts, many still fall for unlicensed projects, lured by the promise of quick riches. Mr. N.N. (from Ho Chi Minh City) shared, “During COVID-19, when cryptocurrencies surged, I invested in several projects advertised online. Initially, I earned 15-20% daily, but when I tried to withdraw, I couldn’t. The project vanished, and I lost over 80% of my capital, unsure if it was a scam or market volatility.”
Investors must remain vigilant against fraudulent cryptocurrency projects promising unrealistic profits.
Ms. Le Ngoc My Tien, co-founder and CEO of BlockchainWork JSC, attributed the scams primarily to greed and lack of knowledge.
Fraudulent projects often promise unusually high returns, initially paying out to build trust, then enticing participants to recruit others with attractive commissions.
“This is a common tactic in cryptocurrency scams. Despite warnings, the allure of massive profits continues to trap many,” Ms. Tien noted.
A blockchain industry executive added that scammers often masquerade as international brands, using names similar to reputable platforms like Binance or Bitcoin. They employ multi-level marketing, paying early investors with later investors’ funds, and advertise hundreds of percent annual returns.
Additionally, they create images of successful entrepreneurs, flaunting luxury cars and villas, or use celebrities to exploit herd mentality.
“Many investors, despite losses, fail to recognize the scam, attributing it to investment risk, while in reality, they’ve invested in a non-existent project,” the executive explained.
Experts advise the public to avoid unlicensed cryptocurrency projects, disregard promises of extraordinary profits, and not be swayed by celebrity endorsements.
Real Estate Firm Founded by Shark Bình: Dual Accounting Systems Caused Significant State Budget Losses, Capital Reduction One Month Before Arrest
Shark Bình orchestrated a scheme to reduce profits and conceal revenue by instructing employees to undervalue sales on customer contracts, resulting in significant financial losses to the state budget.
What Was Shark Bình Plotting Before His Arrest by Reviving the Digital Currency Scandal Online?
From the “shark” sensation on television, Shark Bình has become the focal point of a cryptocurrency fraud case in Vietnam. Prior to his arrest, Bình himself took to social media, claiming to be a “victim” after investing in the AntEx cryptocurrency project. The public is now left wondering: what is this ‘shark’ truly scheming?
Portrait of the Successor to Shark Bình as CEO of NextTech Group
There has been a significant shift in leadership.
Unveiling the Scheme: How Shark Bình and Accomplices Defrauded 30,000 Investors
From August 2021 to November 2021, the perpetrators issued and sold 33.2 billion “AntEx tokens” to approximately 30,000 investors across various exchanges, accumulating 4.5 million USDT (a cryptocurrency pegged 1:1 to the US Dollar) in their exchange wallets. This equates to roughly $4.5 million USD, or approximately 117 billion Vietnamese Dong.
How Shark Bình Scammed Crypto Investors to Steal a Massive Fortune
Prominent entrepreneur Nguyen Hoa Binh, widely known as Shark Binh, has been arrested and charged with disseminating false information online to solicit investments in digital currencies.
