Trading floors are an important link
The AntEx case involving Mr. Nguyen Hoa Binh (Shark Binh) and his accomplices has just been prosecuted by Hanoi City Police.
During the investigation, ChainTracer - a cash flow tracking platform developed by the Vietnam Blockchain and Digital Asset Association (VBA) - supported modeling, verifying data and coordinating with authorities to locate wallet addresses and related cash flow.
According to Mr. Tran Huyen Dinh, Chairman of the Fintech Application Committee of the Vietnam Blockchain and Digital Assets Association (VBA), Chairman of the ChainTracer Program, digital asset trading floors are an important link in the process of tracing cash flow. This is an intermediary point connecting encrypted assets and legal documents, where all accounting transactions are recorded, stored and traceable to serve tracing work.
When users move your account from your personal wallet to the platform to sell, all transaction data passes through the platform's system and is attached to the account holder's identification information (KYC). This is an important link to help shift from technical data to identification data, creating conditions for the investigation agency to determine who is behind the fake addresses, he said.
After the cash flow is modelled to the target, the investigation agency can send an official request to the exchange to determine the owner of the account associated with the wallet or the suspicious transaction. For exchanges with headquarters or legal representatives in Vietnam, the coordination is often quick and effective, helping to promptly provide identification information, transaction history, support asset freezes and reclaims.
However, Mr. Dinh said that the biggest difficulty at present is the lack of legal presence in Vietnam on international exchanges. Despite receiving an official dispatch from the police, many platforms still refuse to cooperate or request to work directly with the legal agency of the host country. The lack of this mechanism of constraints has caused the process of verification and asset recovery to be prolonged, even missing the "golden time" to recover cash flow. Blockchain allows you to see the path of money, but to know who is behind it, you still need the cooperation of a trading floor and a full legal corridor, he emphasized.
According to Mr. Dinh, Resolution 05/2025/NQ-CP on piloting a cryptocurrency exchange in the next 5 years will create an important legal basis, helping Vietnam be more proactive in controlling, tracing and protecting investors. When there is a legal framework, the coordination of investigation, handling of violations and preventing risks in the digital asset market will be more transparent and effective.
A huge gap in awareness and investment skills in the field of digital assets
Also from the AntEx case, Mr. Dinh warned that many people invest just because they trust the name of the consultant or the effect of social networks. The common point of most cases is that investors make decisions based on personal confidence rather than real understanding. Putting absolute trust in celebrities or promotions makes many people fall into the "psytical trap" without being able to evaluate the nature of the project," he said.
He believes that in investing in digital assets, knowledge and the ability to self-assess risks are key factors. A prestigious project is always transparent about the development team, cash flow and operating mechanism. In contrast, projects that commit to unrealistic profits, lack public information or rely solely on the spillover effect are clear warning signs.
According to statistics from the Vietnam Cyber Security Association, in 2023 alone, Vietnamese people were scammed out of about VND19,000 billion, of which more than 60% came from investment models. This figure shows a large gap in awareness and safe investment skills in the field of digital assets.
To prevent risks, Mr. Dinh recommends that investors need to equip themselves with basic knowledge of blockchain through training courses and seminars of reputable organizations. "Being guided by experts, understanding the operating model and legal risks correctly will significantly limit the likelihood of becoming a victim," he shared.
