Getting kernel panic when following the very first vagrant tutorial

I have installed VirtualBox on my Windows 11 and vagrant.
Then followed the instructions on What is Vagrant? | Vagrant | HashiCorp Developer.
Unfortunately, vagrant up ends with a VM halted on kernel panic.

Please, advise. Thank you very much.

I checked and VT-x features are enabled in the BIOS. I have uninstalled Hyper-V just in case. I have WSL2 running just fine.

The hashicorp/bionic64 VM image used in the tutorial seems to be the problem. Once I changed it to ubuntu/jammy64 I successfully created and ran the VM.

I checked it multiple times. Even deleted the folder $env:UserProfile\.vagrant.d\boxes\hashicorp-VAGRANTSLASH-bionic64 and let it be downloaded again - to no avail. Something is just rotten there.