Hung Dinh, a prominent name in Vietnam's technology and startup landscape, has recently found himself at the center of a storm within the cryptocurrency community.
Accusations made by the X (Twitter) account GM AI Fraud allege that Dinh is embroiled in a scandal involving investor funds connected to GM.AI, an ambitious AI project built on the Solana blockchain.
This unfolding situation has raised alarms, particularly as Token 2049 Week approaches, prompting concern that the fallout may adversely affect the reputations of Vietnamese developers on the global stage.
GM.AI emerged as a project aiming to revolutionise transactions on the Solana blockchain by leveraging artificial intelligence to manage complex transactions and provide detailed information.
In March 2024, the project successfully raised 150,000 Solana, equivalent to around $30 million.
However, it has faced significant criticism for failing to fulfil its commitments in a timely manner, leading to rumours that have circulated rapidly through the community.
The heightened scrutiny surrounding GM.AI and its alleged connection to Dinh has fueled speculation about the integrity of projects emerging from Vietnam's tech ecosystem.
Dinh's entrepreneurial journey began with a vision to simplify online business tools, which eventually led to the creation of JoomIArt.
In an interview with ICT News in 2021, he recounted how his early experiences shaped his career:
“When I took an extra job during time at university, when learning about e-commerce, I realised that the internet era was coming and all businesses would need to have a website, like businesses all need a Twitter or a Facebook fanpage, or Linkedin or Instagram account.”
At that time, he observed that only 10 percent of companies globally had their own websites, and he recognised an untapped market for small and medium enterprises.
Dinh established a business abroad to cater to this need, realising that demand in Vietnam was minimal.
His efforts culminated in the launch of MamboTheme, later renamed JoomIArt, which attracted a staggering 50 million users worldwide, catapulting him into the ranks of dollar millionaires at a young age.
In 2015, Dinh launched DesignBold, a design tool that enabled non-designers to create professional-quality graphics, positioning it as a competitor to the globally renowned Canva.
Within just three days of its beta launch, DesignBold received 700 orders and generated $27,339 in revenue.
Its early success led to recognition from investors, with its estimated value climbing to no less than $100 million.
Despite this promising start, DesignBold ceased operations in 2021, marking a significant setback for Dinh.
Reflecting on his experiences, he stated,
“I lost nearly $2 million when pouring money into startups in Vietnam because the projects failed.”
Nonetheless, Dinh remained undeterred and continued to explore the burgeoning blockchain sector, noting in 2021 that the decentralised finance market had surged, reaching a market capitalisation of over $2 trillion in just one year.
He emphasised the urgency for Vietnamese businesses to engage in this space, warning,
“If Vietnamese businesses were late, the cash would flow to foreign businesses.”
Dinh's insights into the potential of blockchain and cryptocurrency are notable.
He predicted that a new wave of billionaires would emerge as the Bitcoin price escalated, suggesting that if it hit the $200,000 mark,
“50 percent of billionaires in the world will be those who invest in blockchain and cryptocurrencies.”
His foresight reflects his belief in the transformative power of technology within finance, although the recent scandal raises questions about the integrity of those operating within this volatile environment.
As the situation surrounding Hung Dinh and GM.AI develops, the implications for the Vietnamese technology sector remain to be seen.
The growing scrutiny could influence both local and international perceptions, particularly as the community prepares for significant events like Token 2049 Week.
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