What did Shark Binh promise about AntEx before its launch?

AntEx promotes a form of decentralized finance on the blockchain, built on the BNB platform, which is not outstanding in the 2021 cryptocurrency market. The VND-based stablecoin product has many potential legal risks. At the same time, the project does not keep its promises.

AntEx "Drawing Cake"

AntEx is advertised as a decentralized finance (DeFi) ecosystem that provides a comprehensive solution for “developers, founding teams and communities” with “outstanding features. The product focuses on financial payment gateways, virtual asset management, decentralized exchanges and blockchain platforms.

If you look at these features alone in 2021, AntEx doesn’t stand out. Even the development team doesn’t have any previous blockchain experience. It’s also not backed by industry-leading platforms or investment funds like Binance or Ethereum. It’s a pure financial solution built on the BNB network, which is notorious for being easy to do and has seen a lot of “trash” projects in 2021.

VNDT is an important product of AntEx, operated by the bank. Photo: Antex.

AntEx is mainly known for the reputation of Shark Binh. Mr. Nguyen Hoa Binh is a long-time entrepreneur, developing technology products, and also appearing on TV shows. Through that, this businessman's Next Tech brand is known to many people. Talking to Tri Thuc - Znews , Mr. Hoang Anh, an AntEx investor, said that he bought coins because Shark Binh introduced them, and so far has lost about 6 billion VND .

When launched, the company and Mr. Nguyen Hoa Binh promoted it heavily, calling it the first product to receive funding from the Next100 Blockchain fund, the foundation for the entire ecosystem. AntEx was also paved by one of Mr. Nguyen Hoa Binh's most famous products, the Ngan Luong wallet (nganluong.vn).

Specifically, VNDT stablecoin is advertised to have a guaranteed value equal to that of Vietnamese fiat money. Assets will be loaded into the platform through NextTech's payment gateway Ngan Luong. Although it was born in a period when there were no specific legal regulations for digital currencies, this solution still has many potential risks.

AntEx's VNDT is advertised as a collateralized asset. 1 VNDT is backed by 1 real-world VND. Thus, users' funds are held by a central bank. There are no clear regulations to force these entities to pay customers when converting.

AntEx also advertises VNDT Wallet, a tool that allows the use of the aforementioned cryptocurrency for real-life transactions. This is also a function that violates Vietnamese law, as only VND can be used to make purchases.

The promise of AntEx

AntEx has a total supply of 100 billion VND , sold through many trading rounds before going public. The platform promises to use the raised money to develop the system. Of which, 25% is used for marketing, 25% for product development. The rest serves to create liquidity, reserve insurance and project management.

AntEx capital allocation according to the original whitepaper. Photo: Antex.

However, according to information provided by the authorities, the fund was not used for the stated purpose. According to the investigation agency, Nguyen Hoa Binh directed the establishment of the legal entity Vietnam Blockchain Technology Services Joint Stock Company.

The initial capital contribution is transferred to the company's account to maintain the operation of the Antex digital currency project, such as: paying salaries to employees and technical team developing the project, buying servers to provide internet services for the project.

During the project development process, the subjects met to discuss and announce the policy for developing digital currency projects; in which, the subjects planned to sell a total of 100 billion "Antex digital currency" (abbreviated as 100 billion tokens) to the market. From August to November 2021, the subjects issued and sold 33.2 billion "Antex digital currency" (called tokens) to about 30,000 investors on the exchanges, collecting 4.5 million USD T in electronic wallets on the exchanges (USDT is a digital currency, converted to the equivalent of 4.5 million USD , equivalent to about 117 billion VND ).

Although the project was not implemented as planned, Nguyen Hoa Binh and the shareholders of Nexttech company agreed to withdraw money from the general wallet of the Antex project, transfer it to the e-wallets of some individuals in the project, then sell it and convert it to VND to share, and also transfer it to companies in the Nexttech company ecosystem to misuse the investors' money.

In fact, until the project closed and became Rabbit in 2022, the team only launched two products: the stablecoin VNDT and the VNDT wallet. The promise to make AntEx valuable was to expand the system and increase its applicability. Mr. Nguyen Hoa Binh and AntEx not only did not keep their word, but also quietly dumped tokens, not using them for the announced purpose, causing losses to more than 30,000 investors.

Source: https://znews.vn/shark-binh-hua-hen-gi-ve-antex-truoc-khi-ra-mat-post1594267.html