Vietnam ‘Shark Tank’ investor arrested for crypto fraud: state media

A woman uses a keyboard in North Vancouver, B.C., Wednesday, Dec. 19, 2012. THE CANADIAN PRESS/Jonathan Hayward

Vietnamese authorities arrested a tech entrepreneur and “Shark Tank Vietnam” investor for fraud, part of an investigation into a failed cryptocurrency he backed that cost investors millions, state media said Tuesday.

Nguyen Hoa Binh, chairman of NextTech -- which has been called “Vietnam’s Alibaba” -- was accused of withdrawing money “from 30,000 investors’ (crypto) wallets and appropriated an especially large amount of money”, VnExpress reported, citing police.

The report did not specify the total sum appropriated, but it said more than 30,000 investors spent around $4.4 million on the AntEx token from August to November 2021.

Known as “Shark Binh” for his role as a celebrity investor on the television show “Shark Tank Vietnam”, Binh announced an investment of $2.5 million in the AntEx digital currency project through a blockchain fund after the token’s launch in September 2021.

He was described as a “strategic adviser” on AntEx’s website at the time, VnExpress said.

But soon after being listed on crypto exchanges, AntEx plummeted, losing 99 percent of its value.

Police said Binh and other shareholders withdrew funds from the project’s main digital wallet for personal gain.

Binh said he was committed to “making amends with the investors and compensating for the damages caused to AntEx’s assets”, according to VnExpress.

Nine others were arrested for the same offences as Binh, fraudulent appropriation of assets and violations of accounting regulations.

State-run Tuoi Tre reported Tuesday, citing police, that four people had filed complaints with authorities after losing about $160,000 in AntEx investments.