NextTech, 'Vietnam's Alibaba', founder arrested for crypto fraud, token lost 99%

NextTech Group was one of Vietnam's most prominent tech conglomerates, often called 'Vietnam's Alibaba.' Founded by Nguyen Hoa Binh in 2001 as Peacesoft, it grew into a multi-sector technology group with over 20 subsidiaries spanning digital payments, logistics, and e-commerce across seven countries. Binh was also a well-known investor on 'Shark Tank Vietnam,' the Vietnamese version of the TV show. In 2021, Binh launched a cryptocurrency project called AntEx, described as a comprehensive decentralized finance ecosystem including a stablecoin pegged to the Vietnamese dong.

Binh announced a $2.5 million investment in AntEx through a blockchain fund, drawing attention from investors. But shortly after listing on exchanges, the AntEx token lost 99% of its value and became mostly inactive. In early 2023, AntEx rebranded as Rabbit, allowing holders to convert 1,000 AntEx tokens to 1 Rabbit token. But Rabbit also rapidly lost most of its value, falling to near zero. Engineers from the AntEx project publicly accused Binh on social media of directing liquidity withdrawals that caused the project to collapse.

In October 2025, Hanoi police raided NextTech's headquarters, seizing dozens of boxes of documents. A resident of Ninh Binh Province had filed a complaint after losing approximately $2,000 investing in AntEx. Binh was arrested and charged with fraudulent appropriation of assets and violations of accounting regulations. Nine other individuals were also charged. Binh insisted he was a victim, claiming he lost $2.5 million and suffered reputational damage. The arrest of one of Vietnam's most prominent tech entrepreneurs sent shockwaves through the startup ecosystem.