Singapore-headquartered ONUS crypto exchange crashes

Since the evening of March 20 ONUS users have reported difficulties logging in. The application repeatedly displays an error message prompting users to check their network connection and login credentials.

Thinh, a Ho Chi Minh City resident who has used the platform for over two years, initially suspected he had simply entered the wrong password. After multiple failed attempts and unsuccessful password resets, his concern grew. "I have VND200 million (US$7,600) worth of tokens on this platform, and so I’m really worried," he says.

Attempts to solve the issue by registering new accounts have also failed. New registrants got stuck after entering their passwords, with some facing indefinite delays when waiting for OTP verification codes.

Users trying to log into the ONUS application on March 21 receive an error message. Photo by VnExpress/Tat Dat

As of Sunday users completely lost access to the application and their stored digital assets. Some investors reported that the business partners who introduced them to the app deactivated their social media accounts on Saturday night.

ONUS has a network of thousands of affiliate partners to build community and guide users on asset storage.

Across social media groups and the official fan page, users are demanding an explanation and a swift resolution from the ONUS team, but no official response has been forthcoming.

VnExpress has made multiple attempts to contact founder Eric Vuong and other ONUS executives, but not managed to reach them.

Launched in March 2020 as cryptocurrency began gaining mainstream traction in Vietnam, ONUS is headquartered in Singapore but primarily targets domestic users under Vietnamese leadership. Eric Vuong, whose real name is Vuong Le Vinh Nhan, is a technology entrepreneur specializing in fintech and blockchain.

Originally operating as a provider of the VNDC stablecoin, the platform rebranded in late 2021 as an investment and crypto exchange app to expand its international footprint. It offers a variety of services, including token swaps, futures markets, leverage, P2P trading, and staking.

The company also developed its own blockchain network, ONUSChain, as a decentralized custodian for Web3 applications and new projects.

Despite a late-2021 data breach revealing the platform had over 1.92 million accounts, 90% of them Vietnamese, Vuong claimed last year that ONUS had grown to over seven million global users, possessed four international operating licenses and had the capacity to process 300,000 transactions per second.

In September 2025 Vuong established the digital asset exchange company DNEX JSC in his capacity as chairman of HVA Group, a strategic investor in ONUS. DNEX was created to provide exchange services under a new five-year cryptocurrency market pilot program.

However, its charter capital sits at just VND2 billion, significantly short of the VND10,000 billion requirement. An executive from a blockchain solutions company told VnExpress that an outage of this magnitude at a major exchange platform "easily triggers panic and speculation", especially as the market prepares for official testing according to regulations.

But the executive also advised users to remain calm, wait for an official statement and strictly avoid third-party withdrawal services, which are common scams that appear during such incidents.

HVA shares, traded on the UPCoM exchange, experienced several green sessions in early March, but plunged over 12% by the end of last week to VND12,300 per share, hitting an eight-month low. The stock generally sees low liquidity, with fewer than 90,000 shares traded per day over the past year.