Nguyen Hoa Binh, widely known by his nickname “Shark Binh,” became a household name for his role as a prominent investor on the Vietnamese version of the television show “Shark Tank.”

Authorities stated they had received numerous complaints about AntEx, a cryptocurrency project introduced by Shark Binh.

Several specialized divisions, including the Criminal Police, Economic Police, and Cybersecurity and High-Tech Crime Division, were deployed to investigate.

On October 6, investigators received a report from an individual who claimed to have invested around $2,000 in the AntEx project.

Police are currently verifying potential violations and have urged anyone with relevant information or evidence to come forward to help protect their legal rights.

The case is under expanded investigation to clarify the involvement and responsibilities of all individuals linked to the AntEx project and potential criminal conduct.

Shark Binh: From startup pioneer to crypto controversy

The news of Shark Binh’s arrest sent shockwaves through Vietnam’s tech community. Known as a “tech shark,” Binh started as an IT enthusiast, building a multi-sector digital empire from humble beginnings.

Shark Binh, real name Nguyen Hoa Binh, made a name for himself on “Shark Tank Vietnam,” a reality investment show where seasoned entrepreneurs evaluate startup pitches.

With a direct and no-nonsense demeanor, he quickly became a standout figure on the show, offering blunt but practical advice to young entrepreneurs.

One of his most quoted remarks critiqued a fledgling startup: “First, you're too raw and unripe! Basically, there are no results yet. Second, you haven't found your 'dragon vein'. Without that core, and no ‘eastern wind’ to boost you, you're grounded.”

The “dragon vein” metaphor referred to the core value proposition or competitive edge a startup must have to succeed.

Binh often warned founders against inflated valuations with lines like, “Please, don’t be high on your own numbers,” and reiterated that, “Shark Tank is a game that’s only about money.”

He also offered sharp commentary about youth and ambition: “You guys remind me of myself 20 years ago - green and naïve.”

Another viral quote poked fun at the value of wealth: “No girl prefers a six-pack over a guy with six cars.”

The question of wealth

Although Binh frequently downplayed questions about his net worth, he once remarked: “I have enough home, enough money to spend, and spare to invest. Real wealth is wealth in affection.”

On “Shark Tank,” Binh committed to investing in about 40 startups. However, very few actually received funds due to exaggerated claims and failures in post-show due diligence.

NextTech Group, once dubbed “Vietnam’s Alibaba,” operated a diversified model across e-commerce and fintech. In 2020, the company’s charter capital was $20.4 million, of which Binh held 70% ($14.3 million).

However, before the AntEx controversy erupted, NextTech's capital was drastically reduced to approximately $163,000. Its key subsidiary, Ngan Luong, also saw an 85% drop in charter capital.

The evolution of NextTech

NextTech eventually grew into a digital ecosystem with more than 20 subsidiaries across fintech, e-commerce, logistics, startup investment, and blockchain technology. Key brands include Ngan Luong, Vimo, mPoS, Boxme, FastGo, NextPay, and the investment fund Next100.

Binh also ventured into real estate with the launch of NextLand in 2021. This proptech firm focused on tech-based property investment, marketing, and management collaborations with both domestic and foreign developers.

Throughout his career, Binh held legal representation for multiple companies founded between 2012 and 2020, operating across logistics, e-commerce, and tech. These included Taxially Vietnam JSC, WeShip Vietnam JSC, Shippchung Vietnam JSC, Hoa Binh Tech Solutions JSC, O2O Distribution JSC, Vietnam Fintech Services Co., Ltd., and 12Trip JSC.

However, many of these businesses have since ceased operations or been dissolved.

AntEx and the crypto fallout

More recently, Binh became involved with AntEx, a cryptocurrency project positioned as part of a decentralized finance ecosystem.

He served as an advisor and investor through a blockchain-focused fund. But as token values plummeted and the project’s website shut down, the situation stirred public concern.

Binh claimed on social media that he had been misled and called for greater transparency in the crypto space. The AntEx development team, however, responded that Binh had played a more active role than he admitted.

Both parties have distanced themselves from direct accountability, while authorities continue their probe.

In his public posts, Binh warned that most crypto projects fail due to lack of practical utility, high manipulation risk, and a lack of regulatory frameworks to safeguard investors.

The origins and restructuring of NextTech

In 2001, Binh launched PeaceSoft JSC, initially a software outsourcing company for international clients.

The firm’s turning point came in 2003, when it secured investment from IDG Ventures and launched Chodientu.vn, one of Vietnam’s first e-commerce platforms.

However, as global giants like Lazada and Shopee entered the market and eBay exited Vietnam, Chodientu.vn lost traction.

In 2013, PeaceSoft restructured into the Future Technology Investment and Development Co., later rebranded as NextTech Group.

By 2020, its capital surged to $20.4 million with Binh holding 70% ownership. By October 2023, capital dropped to just over $170,000.

Instead of focusing on one sector, Binh’s strategy was to build a comprehensive tech ecosystem anchored by fintech, allowing flexibility to experiment across various digital services in Vietnam’s competitive tech environment.

The NextTech ecosystem and its pillars

Fintech became the backbone of NextTech’s operations. Its flagship product, Nganluong.vn, launched in 2012 with initial capital of $2.15 million, grew to nearly $15.1 million before reverting to its original size in January 2024.

Despite the reduction, Ngan Luong remains a leading intermediary payment platform and financial lifeline for the group.

Other fintech products include Vimo (a bank-linked e-wallet), AlePay (online payment platform), mPOS, and NextPay (mobile payment solutions for SMEs).

In e-commerce, Binh invested in startups such as Bot Ban Hang, CNV Loyalty, Coolmate, Ladipage, and Myspa - tools for online sales and brand management.

For e-logistics, NextTech built brands like Boxme, HeyU, and FastGo, aiming to streamline the supply chain from order to delivery. Boxme, in particular, continues to thrive as a logistics solution for thousands of domestic and international online shops.

In the educational and social sector, investments included TopCV, Schola, and Tick.com, which support online recruitment, training, and youth workforce development.

NextTech also saw several projects fade away, including Shipchung.vn, Weshop, and Chodientu.vn. FastGo operates on a limited scale.

Companies where Binh served as legal representative - Taxially, WeShip, Shipchung, 12Trip - have largely dissolved.

Tien Dung-Duy Anh