Vietnam tech mogul arrested on cryptocurrency fraud charges
4 min read
Vietnam Tech Mogul "Shark Bình" Arrested on Cryptocurrency Fraud Charges
Vietnamese entrepreneur Nguyễn Hòa Bình, widely known as "Shark Bình," was formally arrested and charged with fraud on October 14, 2025, following an investigation into the collapsed AntEx cryptocurrency project that allegedly defrauded investors of $4.5 million.
Hanoi police announced the arrest of the 44-year-old NextTech Group chairman after an eight-day investigation that began with raids on the company's headquarters on October 6. Police seized dozens of boxes of documents during the operation, which followed multiple investor complaints about losses from the AntEx project.
Central Allegations and Investigation Details
Police allege that Shark Bình misappropriated $4.5 million from AntEx investors through deceptive practices. The investigation was triggered by complaints from investors, including a resident of Ninh Binh Province who reported losing $2,000 in the project.[1][2][3][4]
According to investigators, the AntEx project launched in September 2021 as a "Make in Vietnam" blockchain ecosystem, with Shark Bình publicly announcing a $2.5 million investment through his Next100Blockchain fund while serving as a strategic advisor. However, recent allegations from former project developers suggest Shark Bình held significantly more control than publicly disclosed, contributing 2 billion Vietnamese dong (approximately $80,000) for a 40% stake while maintaining operational authority over the entire $4.5 million raised.[2][3][5][6][7]
The cryptocurrency's value plummeted by 99% shortly after launch, and the project was rebranded as "Rabbit" (RAB) in March 2023 in what critics called an attempt to "redraw the chart" and erase the token's price collapse history. The rebranded token also quickly lost 95% of its value.[3][4][8][2]
Broader Context of Vietnam's Crypto Crackdowns
The arrest occurs amid Vietnam's intensified crackdown on cryptocurrency fraud schemes. Recent months have seen authorities dismantle multiple major crypto scams, including a $200 million PAYN token Ponzi scheme that defrauded thousands of investors and a $3.8 billion illegal gambling operation involving cryptocurrencies.[1][2][3]
Shark Bình's case represents a particularly high-profile investigation given his celebrity status from the Vietnamese version of "Shark Tank," where he became known as the "tech shark" for investments in technology startups. His NextTech Group, once dubbed "Vietnam's Alibaba," had built a diversified digital ecosystem spanning fintech, e-commerce, and logistics before the current controversy.[4][5]
The case continues under expanded investigation as authorities work to clarify the involvement of all individuals linked to the AntEx project, with police urging additional victims to come forward with evidence.[6][4]
Reference sources:
[1](https://vietnamnet.vn/en/before-antex-vietnam-already-dismantled-major-crypto-fraud-rings-2450331.html)[2](https://sg.news.yahoo.com/vietnam-jails-dozens-3-8-091127690.html)[3](https://crystalintelligence.com/news/vietnam-police-crack-record-crypto-ponzi-scheme/)[4](https://vietnamnet.vn/en/shark-binh-arrested-tech-world-shaken-by-high-profile-crypto-case-2452643.html)[5](https://theinvestor.vn/technology-startups-need-to-keep-up-with-the-times-nexttech-exec-d11237.html)[6](https://en.sggp.org.vn/hanoi-police-review-antex-cryptocurrency-case-linked-to-shark-binh-post120793.html)[1](https://vietnamnet.vn/en/why-shark-binh-was-taken-into-custody-2452654.html)[2](https://www.24h.com.vn/tin-tuc-trong-ngay/shark-nguyen-hoa-binh-bi-bat-c46a1705840.html)[3](https://ngoisao.vnexpress.net/shark-binh-bi-bat-4951187.html)[4](https://en.sggp.org.vn/hanoi-police-review-antex-cryptocurrency-case-linked-to-shark-binh-post120793.html)[5](https://theinvestor.vn/investors-report-antex-crypto-project-to-police-alleging-irregularities-d17250.html)[6](https://www.binance.com/en/square/post/30650207682330)[7](https://www.binance.com/en/square/post/30336304182330)[8](https://markets.financialcontent.com/stocks/article/breakingcrypto-2025-10-7-crypto-under-scrutiny-high-profile-fraud-allegations-rock-investor-trust)