Hanoi police investigates AntEx crypto project linked to NextTech Group chairman

Hanoi Police says they are investigating a case involving the AntEx crypto project which was linked to Nguyen Hoa Binh, chairman of NextTech Group and popularly known as “Shark Binh”.

Authorities have recently received reports from the media and individuals regarding investments in the AntEx project, founded by Binh, Hanoi Police said at a press meeting on Monday.

The Department of Cybersecurity and High-Tech Crime Prevention, together with the Criminal Police Department, has since collected relevant information and launched an investigation.

Initially, one investor from Ninh Binh province has filed a complaint, reporting a financial loss of $2,000, according to the police.

"All complaints from alleged victims will be received and handled without exception or restriction. The results of the investigation will be announced to the press in due course,” said Colonel Nguyen Duc Long, deputy director of Hanoi Police.

In 2021, Nguyen Hoa Binh (Shark Binh) announced that he would invest $2.5 million in the AntEx crypto project through his Next100Blockchain fund, while also serving as the project’s strategic advisor.

AntEx was introduced as a decentralized finance (DeFi) ecosystem with ambitions to develop stablecoin VNDT, drawing significant attention from domestic investors, despite the lack of a legal framework for crypto assets in Vietnam at the time.

Shortly after its launch, however, the AntEx token plummeted by as much as 99% in value, while the project’s official website and social media channels were gradually shut down.

In March 2023, AntEx rebranded to “Rabbit (RAB)”, but the new token also continued to decline, losing around 95% of its peak value.

Previously, speaking to The Investor, Shark Bình claimed that he was also a victim of the scheme, describing himself as someone who had his trust “betrayed” and as a “failed pioneer.”

“I apologize to the investors who suffered losses (if any) after putting their trust in an unethical startup. But like you, I was deceived and betrayed. Together, we must expose those responsible and hold them accountable.

"I was a pioneer who failed, but through that failure, I have learned my lesson. I want to warn my fellow citizens and my country to be extremely cautious and maintain strict oversight of this seemingly promising yet highly risky field,” he added.