Key Takeaways
- Vietnam Shark Tank investor arrested. Nguyen Hoa Binh is facing charges for alleged fraud connected to the AntEx stablecoin project.
- Authorities seized assets worth $34 million, including 597 gold bars and property deeds.
- The scheme allegedly defrauded 30,000 investors of $4.5 million by promoting a token that later collapsed.
Table of Contents
High-Profile Arrest in Crypto Scheme
Vietnam Shark Tank investor arrested. His name, Nguyen Hoa Binh, a celebrated tech entrepreneur, is now in custody following a high-profile investigation into the AntEx crypto project. Police have launched criminal proceedings against Binh and nine associates for “fraudulent appropriation of assets” and serious accounting violations.
The case sent shockwaves through the Vietnamese business community, demonstrating that a celebrity status is no shield from the law.
Read also: Cambodian Pig Butchering Syndicate Loses $15B Bitcoin in Historic DOJ Seizure
The Anatomy of the AntEx Fraud
The scheme began in 2021 when the Vietnam Shark Tank investor and his collaborators pooled capital to launch the AntEx token. They sold 33.2 billion tokens to the public, raising $4.5 million with promises to develop a Vietnamese dong-pegged stablecoin, VNDT. However, investigators allege this roadmap was a mirage. As the value of the token plummeted, Binh used his notoriety to publicize the establishment of a $50 million “Next100 Blockchain” investment fund to avoid mass sell-off, but police stated was merely an act of manipulative deception.
Instead of building the project, Binh and his cohorts allegedly siphoned funds from the project’s main wallet, converting them into cash for personal gain and funneling capital into other companies within his NextTech ecosystem.
Read also: Vietnam Debuts NDAChain: A National Blockchain for 100M Citizens
A Fall from Grace
In a total decline from privileges, the recently Vietnam Shark Tank investor arrested, acknowledged guilt and claimed he would reimburse the investors of AntEx. This case should serve as a warning to the unpredictable world of crypto and as a reminder to investors that even the most charismatic promoters can err.
To this point, with police seizing a fortune in gold and properties, the arrest of this Vietnam Shark Tank figure is a noteworthy moment of accountability in the emerging digital assets landscape across the region.
FAQs
What was seized from the Vietnam Shark Tank investor arrested?
Police confiscated assets worth $34 million from Nguyen Hoa Binh. The seizure included 597 gold bars, title deeds to 18 properties, two vehicles, and foreign currency.
What is the AntEx project?
AntEx was a crypto project that “Shark Binh” helped launch, promising to develop a stablecoin, the $VNDT. It is now presumptive to have been a fraudulent scheme that raised $4.5 million from investors before its value collapsed.
Has Shark Binh admitted guilt?
Yes, Nguyen Hoa Binh has confessed to his violations at the police station and publicly pledged to compensate the investors who suffered losses from the failed AntEx project.
For more crypto fraud stories, read: Seoul Police Dismantle $30M Crypto Korean Hacking Organization with Chainalysis
