Vietnam’s once-hot cryptocurrency market is facing a sharp downturn. Many investors, including young traders like 23-year-old Hoang Le from Hanoi, have lost their fortunes amid the recent bitcoin crash. Le, who started trading in his university dorm, says the crash “hurt a lot” but calls his losses “tuition fees". "When profits were high, everyone became greedy," he said. "It was too good to be true." Unlike China, which bans cryptocurrencies, Vietnam operates in a legal grey area. The government allows blockchain technology but bans crypto payments. People can still trade cryptocurrencies freely, making the losses especially painful for many who jumped into the market during its boom. Now, bankruptcies and job cuts shake the once-thriving crypto scene in Vietnam.