Over the past few days, the X (Twitter) account named GM AI Fraud has continuously posted a series of articles dragging a Vietnamese businessman named Hung Dinh into a scandal related to investors' cryptocurrency through an artificial intelligence project called GM.AI.
The incident immediately caused a stir in the Vietnamese and international blockchain community in the context of the upcoming Token 2049 week in Singapore. Many comments from Vietnamese accounts were concerned that the incident would affect the projects of Vietnamese developers in the international community. It could have a negative impact on potential future projects.
So who is businessman Hung Dinh that attracts the attention of the cryptocurrency community?
Hung Dinh (right). Photo: Tech in Asia
GM.AI is known as an artificial intelligence (AI) application project on the Solana blockchain ecosystem, helping to perform on-chain transactions, provide detailed information, and manage complex transactions.
GM.AI raised 150,000 Solana ($30 million) in March 2024. However, the project was said to be slow to fulfill its commitments. Since then, rumors about GM.AI have begun to appear.
Mr. Hung Dinh, real name Dinh Viet Hung, is one of the prominent entrepreneurs in the Vietnamese technology and startup scene.
Hung Dinh is known as a famous technology entrepreneur, but also quite controversial with some previous projects such as Rada Network, The Parallel, DeFi Horse, Orbitau.
The businessman from Nghe An studied at many prestigious schools and graduated from university with a degree in economics, but then switched to technology. He studied English at Phan Boi Chau High School (Nghe An), then entered the Foreign Trade University.
Hung Dinh is a rather special case in the Vietnamese startup community. He did not study information technology but chose to start a business in this field.
Hung Dinh started his business with many useful online tools and earned a lot of money. Notably JoomlArt. Hung Dinh's JoomlArt was a huge success, with the product having up to 50 million users worldwide, making him a millionaire very early.
Sharing on ICT News in an interview in 2021, Mr. Hung Dinh talked about the birth of JoomlArt: During my part-time job in college, when researching e-commerce, I discovered that the Internet era was coming and all businesses would need a website. It's like now all businesses need a twitter, facebook fanpage, linkedin or instagram account.
“However, at that time, only 10% of companies in the world had websites, and only large enterprises did, while SMEs almost did not. Besides, there was no company that focused on solving website problems for businesses in a simple way. I focused on solving that problem and created MamboTheme (later JoomlArt) in my final years of university. As for establishing a company abroad and targeting the international market later, it was because at that time, the demand for products like JoomlArt for companies in Vietnam was almost non-existent,” Mr. Hung Dinh recounted.
Next, he started investing and acquiring businesses. He once confessed: When he started investing and putting money into many startups in Vietnam, he also lost nearly 2 million USD because those projects failed.
Recently, Mr. Hung Dinh focuses on blockchain and invests in cryptocurrencies.
Sharing about cryptocurrency in 2021, Mr. Hung Dinh said: The decentralized financial market is a product of Blockchain, its capitalization value has increased rapidly from 8 times (more than 2,000 billion USD) in less than 1 year. Obviously, these are good signs for the Vietnamese technology industry to quickly enter and take advantage of such abundant capital flow, otherwise it will flow to foreign businesses.
However, the financial market is always an extremely complex game. Never before has the combination of technology and finance been able to create a strong and global shift in cash flow like today.
“The world is creating a new wave of billionaires, if the price of Bitcoin hits $200,000, 50% of the world's billionaires will be people investing in blockchain and crypto.
It takes a normal businessman a lifetime to become a millionaire, but in this world, if you do well, it might only take a few years," Mr. Hung Dinh expressed his opinion on cryptocurrency.
Vietnamnet.vn
Source: https://vietnamnet.vn/trieu-phu-cong-nghe-hung-dinh-dang-bi-keu-ten-voi-du-an-gm-ai-la-ai-2323244.html
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