On March 21, 2023, the Executive Board of the Vietnam Blockchain Association (VBA) issued an official letter No. 09.2023/CV-BLCVN about the warning and personal requirements of Mr. Pham Minh Tri, Mr. Nguyen Huy and the KardiaChain Foundation need to publicly apologize on the KardiaChain community for false statements about VBA, and stop spreading misleading information.
The misinformation about VBA was spread out on the evening of March 10 (GMT+7), during an AMA (Ask me Anything) session held on the official Telegram channel of the Kardia Foundation (Kadiachain.io founded by Pham Minh Tri and Nguyen Huy). When asked by a member about the relationship between KardiaChain and Vietnam Blockchain Association, Mr. Pham Minh Tri made inaccurate statements about VBA.
Specifically, Mr. Pham Minh Tri, representing KardiaChain Foundation, talked about the relationship between KardiaChain Foundation and VBA, as well as VBA’s obstruction to Kardiachain Foundation’s activities. This information is untrue and fabricated.
Official Dispatch No. 09.2023/CV-BLCVN warned that if Mr. Pham Minh Tri and Mr. Nguyen Huy do not respond, the Vietnam Blockchain Association will proceed to transfer his violations to the competent authorities for review and processing according to legal regulations. It has been more than 10 working days since the dispatch was sent, and VBA has not yet received any response.
It is known that KardiaChain Foundation is a foreign organization that has not registered its activities in Vietnam and has never been in contact with VBA through any individuals or representative organizations. Currently, there is no individual or organization within the Vietnam Blockchain Association who claims to represent the KardiaChain Vietnam community or KardiaChain Foundation.
Because KardiaChain Foundation is a foreign organization, when it wants to operate in Vietnam, it needs to register with the regulatory authorities in Vietnam and comply with the Investment Law, Enterprise Law and Commercial Law and other relevant laws and authority. The fact that KardiaChain Foundation has not yet registered to operate in Vietnam but exploits customers currently residing in Vietnam may not be in accordance with Vietnamese law.
Prior to KardiaChain’s AMA on March 10th, there were controversies surrounding KardiaChain’s investor Tran Hoang Nam, who submitted a denunciation alleging that Mr. Tri had appropriated investment funds and lacked transparency when distributing KAI tokens.
Similarly to Mr. Nam, other investors in Kardiachain have also submitted applications to a series of relevant Ministries, Departments, and Associations, including the Vietnam Blockchain Association (VBA) and the media, seeking support in the process of denouncing fraudulent behavior, and asset misappropriation by Mr. Pham Minh Tri in the fields of blockchain technology and digital assets.
Details of the official dispatch can be found here.