How things went ‘downhill’ for Vietnam’s once-booming cryptocurrency traders

Vietnam's once-thriving cryptocurrency market has crashed, devastating retail investors. A 23-year-old student saw his portfolio, once worth $200,000 (50x Vietnam's average annual income), plummet to zero. The downturn has triggered widespread bankruptcies and layoffs across the industry. While Vietnam operates in a legal grey area—banning crypto for payments but allowing speculation—the recent market collapse has served as a brutal, expensive lesson for a generation of eager, young traders.