Overview of the AntEx cryptocurrency project scandal that got Shark Binh into legal trouble

(Dan Tri) - The AntEx cryptocurrency project, once widely promoted in the NextTech ecosystem, has now become the center of attention after Shark Binh was arrested, revealing many doubts in investment and capital mobilization activities.

On the afternoon of October 14, Hanoi City Police officially announced information related to the case of Mr. Nguyen Hoa Binh (also known as Shark Binh), Chairman of NextTech Group.

According to the police, from August to December 2021, Shark Binh and his colleagues developed and promoted the "AntEx digital currency" project, calling for investment through the establishment of the "Next100 Blockchain" Fund with a commitment to invest 50 million USD in technology projects.

However, this is an unverified project, with signs of transaction manipulation to withdraw money. The founding team issued 33.2 billion AntEx tokens (digital currency), sold to about 30,000 investors, earning about 117 billion VND.

The controversy began in early September when Shark Binh spoke at an event about cryptocurrency and blockchain projects. He warned about the risks of investing in startups that raise capital through coin issuance.

"They issue coins, collect 3-5 million USD and then start to "fail", many startups stop doing it. 99% of coin issuance projects fail, investors lose money, and the project leader keeps the money and benefits legally", Mr. Binh affirmed.

Shark Binh spoke about the risks of investing in startups that raise capital through coin issuance at an event in September (Photo: Screenshot).

Shark Binh's statement has sparked a wave of controversy and anger in the cryptocurrency investor community. Previously, he had sponsored and called for investment in the AntEx project, but after the token suddenly plummeted, causing many people to lose money, Mr. Binh remained silent for a long time.

Afterwards, Shark Binh continuously posted explanations on his personal Facebook page, saying that he had invested in the AntEx cryptocurrency project but "the technical team committed wrongdoings and then disappeared", causing both investors and him to be discredited.

He claimed that he was only an investor, not directly involved in operations. In his social media posts, Shark Binh asserted that he was just a victim, not only losing 2.5 million USD but also being discredited. NextTech’s chairman even responded to those with opposing opinions, expressing his willingness to livestream for public confrontation.

On September 29, an account claiming to be a former NextTech employee posted an accusation, claiming that Mr. Binh was the person behind the entire AntEx cryptocurrency project.

Before being arrested, Shark Binh continuously posted on his personal page accusing his former colleague of betrayal (Photo: Screenshot).

This person asserted that Mr. Binh held the wallet key, directly directed the control of cash flow and ordered the token to be sold off immediately after listing to profit from the price difference. This person also said that he had evidence and asked Mr. Binh to be open and transparent about his finances.

After that, both sides continuously released evidence and accused each other on social networks, making the case more and more complicated. Just a few days later, Hanoi City Police stepped in to clarify the complaint related to the AntEx cryptocurrency project.

On October 10, the Hanoi Police Department of Investigation prosecuted and temporarily detained Shark Binh for the crimes of: Fraudulent appropriation of property and Violation of accounting regulations causing serious consequences. 9 related individuals (including former employees and partners) were also prosecuted for the same crimes.

The AntEx cryptocurrency project launched in September 2021, introduced as a decentralized financial ecosystem (DeFi) with the stablecoin VNDT "anchored" to the value of Vietnamese Dong. Stablecoin is a type of cryptocurrency that maintains its price by being tied to real assets.

Shark Binh attracted great attention when he announced a $2.5 million investment through the Next100 Blockchain fund, while also taking on the role of strategic advisor.

However, after listing, AntEx's token quickly lost 99% of its value, causing many investors to lose money. AntEx then had almost no activity and in March 2023 announced a name change to Rabbit (RAB), a move that was believed to erase the history of price declines, but the new token continued to plummet.

According to the investigation agency, at the end of 2021, Mr. Binh used his personal reputation to promote the project, pledging to invest 50 million USD to strengthen investors' confidence, avoiding a sell-off (causing a decrease in currency value) to withdraw capital.

However, the authorities accused the project of not following the roadmap, the founding team withdrew money from the general wallet, transferred it to personal wallets and companies in the NextTech ecosystem for misuse.

Source: https://dantri.com.vn/kinh-doanh/toan-canh-lum-xum-du-an-tien-so-antex-khien-shark-binh-vuong-vong-lao-ly-20251015011625899.htm