The Vietnamese police have raided the headquarters of NextTech Group, founded by tech entrepreneur Nguyen Hoa Binh, widely known as “Shark Binh” (on Shark Tank Vietnam TV Show), as part of an investigation into the controversial cryptocurrency project AntEx.
At a press briefing on Monday, Nguyen Duc Long, deputy director of the Hanoi Police Department, confirmed that authorities are reviewing public complaints about financial losses tied to AntEx and allegations involving Binh and the project’s development team.
According to police, an initial complaint was filed by an investor who claimed to have lost around $2,000. Hanoi Police is now verifying the claims and has pledged that all reports will be handled “without exception or restriction.”
The development happens as Vietnamese government fast-tracks its ambition to bring digital assets within a formal regulatory framework, positioning itself as one of the first countries in Southeast Asia to pilot a state-sanctioned trading platform.
The government recently passed a resolution which proposes a five-year pilot testing period during which crypto assets can be legally developed, traded, and integrated within a controlled framework.
Launched in September 2021, AntEx gained attention when Binh announced a $2.5-million investment through his Next100 Blockchain Fund, serving as a “strategic advisor.”
Next100 Blockchain is a $50-million early-stage venture capital fund managed by Next100 Ventures to back blockchain companies in Vietnam and Southeast Asia. The fund invests in the equity and first rounds of tokens of blockchain startups, with funding value worth up to $2 million.
Reports have surfaced in recent days that a member of the engineering team behind the AntEx cryptocurrency project accused Binh of directing the project’s liquidity withdrawal that led to its collapse and investor losses.
Binh, however, has rejected the claims, saying on social media that he was also a victim, losing $2.5 million and suffering reputational damages.
Launched in September 2021, AntEx came into the spotlight when Binh announced a $2.5-million investment through his Next100 Blockchain Fund and was introduced on the project’s website as a strategic advisor.
By March 2023, the project had gone largely dormant and rebranded as Rabbit (RAB), converting existing tokens at a ratio of 1,000 ANTEX to 1 RAB. The move, seen by industry observers as an effort to reset its trading history, failed to revive the project — with RAB’s price soon collapsing to near zero.
The project’s token, AntEx, quickly lost 99% in value after listing and later rebranded to Rabbit (RAB) in 2023, a move critics described as an attempt to “reset” the price chart, according to local media VnExpress.
Binh is known as a seasoned entrepreneur who built NextTech Group—a tech ecosystem expanding from e-commerce to fintech such as the mPOS mobile credit card payment solution, WeShop cross-border e-commerce portal, Boxme e-commerce logistics solution, or Vimo mobile e-wallet.
In addition, NextTech has also invested in more than 20 businesses, operating mainly in the fields of e-commerce, financial technology, and communications. It has backed several e-commerce platforms such as Misell, Pushsale, Cuccu, and Coolmate.
