Shark Binh warns: Many startups issue coins that raise 3-5 million USD and then start to 'go bad', causing investors to lose money while the founders 'keep the money' and benefit.
At the Go Global 2025 Conference that just took place, Mr. Nguyen Hoa Binh - Chairman of NextTech Group, commonly known as Shark Binh - gave candid comments on the fintech and cryptocurrency market in Vietnam.
He said that a positive sign is that the State is currently preparing a legal framework to recognize digital assets. This is considered an important step to bring the cryptocurrency and blockchain sector into a framework, instead of letting international exchanges operate across borders that the State cannot manage or collect taxes on. If there is a domestic exchange, Vietnam will both control risks and create a legal source of income.
However, Shark Binh also pointed out a worrying situation: many domestic startups have issued coins to raise Capital with amounts ranging from 3 to 5 million USD, but then lost direction. “Many projects almost ‘give up’ after raising Capital , and many startups do not implement anything or quickly fail,” he Chia . According to him, this is the reason why 99% of coin projects reach a dead end, investors lose everything, and founders still legally withdraw with huge amounts of money.
Shark Binh has directly invested and observed the blockchain market since 2017, so he emphasized: “Vietnamese businesses should not dream too much about this path. Consider blockchain as a technology, not a quick ticket to change your life.”
The story that Shark Binh mentioned reflects the global reality. Recently, many international crypto projects that were once praised have collapsed after a short time, leaving consequences for both investors and the market. Shark Binh's advice is not only for startups but also for investors: look at cryptocurrencies with a sober eye, avoid following short-term trends and incurring risks.
