Login failures spark concerns over asset access as Vietnam tightens crypto oversight
MARKET INSIDER – A major disruption at a Vietnam-focused crypto platform is raising fresh concerns about user protection and platform reliability in one of the world’s fastest-growing digital asset markets. Since the evening of March 20, users of ONUS have reported widespread login failures, leaving many unable to access their accounts—or the digital assets stored within them.
According to user reports across social media and community forums, the platform displays persistent login errors, preventing access even for verified accounts. Attempts to create new accounts have also failed, with users unable to proceed beyond password entry or stuck waiting indefinitely for OTP verification codes that never arrive. The outage has effectively locked users out of the system, cutting off access to funds and transaction histories.
The situation is compounded by a lack of official communication. Users say they have received no response from ONUS despite mounting complaints, while some claim that business partners affiliated with the platform—who typically onboard new users and manage community groups—have deactivated or locked their personal pages. ONUS operates a multi-tiered partner network that plays a key role in user acquisition and engagement across Vietnam.
Launched in 2020 and headquartered in Singapore, ONUS primarily targets Vietnamese retail investors. The platform was founded by fintech entrepreneur Vuong Le Vinh Nhan, also known as Eric Vuong, and gained traction during the country’s rapid crypto adoption phase. Vietnam has consistently ranked among the world’s top crypto markets, driven by high retail participation and limited alternative investment channels.
The outage comes at a sensitive time. Vietnamese regulators are actively working on a framework to bring crypto trading under tighter control, including plans to launch licensed domestic exchanges and potentially restrict access to overseas platforms. Incidents like this could accelerate regulatory scrutiny, particularly around custody, transparency, and consumer protection standards.
For investors—both domestic and international—the episode underscores a fundamental risk in emerging crypto markets: access to assets is only as reliable as the platforms that hold them. As Vietnam moves toward formalizing its digital asset ecosystem, trust, infrastructure resilience, and regulatory clarity will likely determine which platforms survive the transition—and which are left behind.
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Source: Vietnam Insider