Hanoi police have arrested Nguyen Hoa Binh, better known as Shark Binh, the chairman of NextTech Group and a well-known investor from Shark Tank Vietnam, as part of an expanding investigation into the AntEx cryptocurrency project.
Key Takeaways:
- Vietnam’s Shark Tank star Nguyen Hoa Binh has been arrested in connection with the AntEx crypto project.
- Police have launched a multi-division investigation after investor complaints.
- Binh’s reputation has collapsed as his company NextTech faces scrutiny and major financial declines.
The city’s Criminal Investigation Department confirmed on October 14 that it had initiated legal proceedings and issued a temporary detention order following multiple complaints from investors.
Vietnam Police Expand Probe into AntEx Crypto Project
Authorities said AntEx, a crypto project linked to Binh, is at the center of the probe, with police divisions including the Criminal Police, Economic Police, and Cybersecurity and High-Tech Crime Division deployed.
On October 6, a local investor reported losing about $2,000 in AntEx, prompting a broader inquiry into potential fraud and other violations.
Police have called on anyone with information to come forward as they verify the scale of investor losses and the roles of those involved.
The arrest shocked Vietnam’s technology and startup community. Once hailed as a tech visionary, Binh built NextTech Group, a multi-sector conglomerate spanning fintech, e-commerce, logistics, and blockchain, from modest beginnings in 2001.
He became a household name for his candid and often blunt feedback on Shark Tank Vietnam, earning a reputation for phrases like “Please, don’t be high on your own numbers” and “Without your ‘dragon vein,’ you’re grounded.”
NextTech, once dubbed “Vietnam’s Alibaba,” reached a charter capital of $20.4 million in 2020, with Binh holding a 70% stake.
However, filings show that by late 2023, its capital had dropped sharply to around $163,000, and several of its subsidiaries, including the payment platform Ngan Luong, reported significant reductions.
AntEx positioned itself as part of a decentralized finance (DeFi) ecosystem offering token-based financial services.
Binh was reportedly both an advisor and investor, but after the project’s token value crashed and its website went offline, he claimed he had been misled. The AntEx team countered that Binh had played a more direct role than he acknowledged.
In a series of posts before his arrest, Binh warned of the risks surrounding unregulated crypto projects, saying most lack practical utility and are prone to manipulation.
Tether Eyes Vietnam as Next Key Market
As reported, stablecoin issuer Tether is exploring partnerships with Vietnamese companies to expand crypto adoption in the country.
Vice President Marco Dal Lago called Vietnam one of Tether’s most “promising and strategic markets,” citing its youthful population, fast-growing economy, and high remittance volumes as strong fundamentals for digital asset growth.
During a meeting with Deputy Prime Minister Ho Duc Phoc, Lago said Tether is ready to share its global expertise in building legal frameworks that support sustainable crypto transactions and economic development. The Deputy PM emphasized Vietnam’s ambition to create a professional, well-regulated investment environment and attract international capital.
Phoc confirmed that Vietnam has launched a five-year pilot program for crypto trading, limited to domestic companies selling tokens to foreign investors. Authorities are now reviewing applications and plan to license around five major trading platforms, requiring each to maintain 10 trillion dong ($379 million) in capital.
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