"Shield" to protect cryptocurrency investors

In the case involving Mr. Nguyen Hoa Binh (Shark Binh), Chairman of NextTech Group, and the AntEx cryptocurrency project, the ChainTracer platform developed by the Vietnam Blockchain and Digital Assets Association (VBA) has actively contributed, supporting authorities in tracing and verifying data.

Identify suspicious wallets

ChainTracer is a platform for warning and tracking fraudulent, deceitful, and illegal behavior on blockchain networks and digital assets. With the help of this platform, the investigation agency has temporarily detained and frozen money, securities accounts, and assets of subjects related to the case - including nearly 600 gold bars, 18 red books, 2 cars..., with a total value of about 900 billion VND.

Mr. Phan Duc Trung, Chairman of VBA, said that with the ChainTracer tool, experts have applied the latest on-chain analysis technology to identify suspicious wallet clusters and support technical contacts with many domestic and foreign exchanges to compare identification information. VBA developed ChainTracer with the core goal of supporting investors in an incomplete legal environment, by providing in-depth technical information and the mechanism of fraudulent activities.

Previously, 52Hz Database - an independent analysis unit - also reported many unusual signs in AntEx's cash flow. This report raised suspicions that the total actual amount of money raised by the project was only about 4 million USD, lower than the announced figure of 4.5 million USD. A wallet believed to be related to Shark Binh received 3.66 million USD from the fundraising wallet and deposited it on Binance. The AntEx project was also suspected of dumping tokens through nearly 900 sub-wallets in 43 days to avoid price fluctuations and conceal the dumping behavior. Notably, on December 31, 2021, more than 500,000 USD was withdrawn from liquidity on the decentralized exchange - a move that often signals the collapse of a cryptocurrency project.

Blockchain tracing tools are quite popular in the world . In the US and Europe, platforms such as Chainalysis, Elliptic or TRM Labs are widely used in investigating financial crimes, money laundering and cryptocurrency fraud. What these systems have in common is the ability to deeply analyze on-chain data, identify unusual transaction patterns and link anonymous wallets to real user identities.

A tool to track money flows on the blockchain network is important for developing a transparent and sustainable cryptocurrency market. In the photo: Sideline activities of the Ho Chi Minh City Technology Festival (Conviction) held in August 2025

Create trust

The emergence of fraud tracking platforms like ChainTracer or cash flow analysis units like 52Hz Database is considered an important step forward in the effort to make the digital asset market in Vietnam more transparent. These tools help detect unusual cash flows early, prevent fraud risks and create a foundation for more effective transaction monitoring.

Mr. Phan Duc Trung said that ChainTracer only supports tracing activities and does not charge community fees, while in the world, companies developing similar solutions often charge very high fees, at least from 50,000 USD. "There needs to be close coordination with exchanges, where identity and original transactions are managed, and support from related parties such as lawyers to clarify disputes and mediate," Mr. Trung said.

According to the Chairman of VBA, up to now, ChainTracer has supported the tracing of about 65 cases, with a total amount of recovered and settled money of about 10 million USD, including the WorldMall.app virtual currency fraud ring that appropriated tens of billions of VND from thousands of investors.

Ms. Le Ngoc My Tien, General Director of BlockchainWork, said that tracing money flows on blockchain is completely feasible, even though this is a decentralized environment. When money flows are withdrawn to an identified wallet or converted into real money, it is entirely possible to find the people involved. "Tracing tools not only detect suspicious transactions but also help form a transparent data ecosystem. Thereby changing investors' awareness as well as protecting themselves, while building a foundation for a healthy and sustainable digital asset market" - Ms. Tien expected.

However, experts say that tracing digital money flows, identifying identities and tracing beneficiaries still faces many challenges, especially the lack of cooperation from some international exchanges. Therefore, it is necessary to soon build a coordination mechanism between authorities, exchanges and technical units.

Source: https://nld.com.vn/la-chan-bao-ve-nha-dau-tu-tien-so-196251021205928447.htm