🧔♂️ A friendly human may check it before it goes live. More news here
Police seize $34m from NextTech founder in crypto fraud case
Hanoi police have seized assets valued at US$34 million from Nguyen Hoa Binh, a well-known investor on Shark Tank Vietnam and chairman of tech company NextTech, following his arrest for alleged cryptocurrency fraud.
The seized items include 597 gold bars, title deeds to 18 properties, and two vehicles.
Binh and nine others face charges of fraudulent appropriation of assets and accounting violations related to the AntEx cryptocurrency project.
Police allege that Binh and associates raised funds for AntEx by selling 33.2 billion tokens to 30,000 investors in 2021, collecting the equivalent of US$4.5 million.
Authorities say funds were later withdrawn, converted to local currency, and distributed among the group, with some money diverted to companies linked to NextTech.
Binh is also accused of instructing employees to conceal revenues at Nextland Real Estate Business Jsc by keeping two sets of accounting books.
The investigation is ongoing, with police indicating that further charges may follow.
🔗 Source: VNExpress
🧠 Food for thought
Implications, context, and why it matters.
Legal limbo for AntEx investors
- Vietnam launched a crypto licensing regime in September 2025, too late for about 30,000 AntEx investors who bought roughly 4.5 million USDT between August and November 2021 1.
- Prosecutors charged Binh with fraudulent appropriation and accounting violations. It echoes the $44 billion Saigon Commercial Bank fraud where the defendant got a death sentence and owes $27 billion 2.
- U.S. cases often charge crypto fraud as wire fraud or money laundering, with up to 20-year sentences 3. Vietnam handled pre-2025 crypto cases under general criminal statutes, and restitution from $34.15 million in assets (597 gold bars) is unclear.
Compliance vendors can pitch Vietnam crypto exchanges
- Resolution 05/2025 sets licensing rules for digital asset service providers 1. Exchanges need risk controls and customer asset custody. They need complaint handling, anti-money laundering (AML) and counterterrorist financing (CTF).
- SSI Securities, Techcom Securities and VIX Securities are building exchanges. They partnered with Amazon Web Services and Tether, issuer of USDT, a U.S. dollar–pegged stablecoin 4. Techcom Securities later raised TCEX charter capital to VND 101 billion and VIX Securities grew VIXEX to VND 1 trillion.
- Military Commercial Joint Stock Bank partnered with South Korea’s Dunamu Group, operator of Upbit 4. It covers tech transfer, compliance guidance and investor protection.
- Blockchain analytics vendors and regtech (regulatory technology) firms can pitch pre-licensed Asian exchanges with on-chain monitoring (tracking transactions on public blockchains). They can offer wallet screening and suspicious transaction detection during the 12-month supplemental dossier period, a window to submit compliance documents 1.
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.