How to resolve: Re-enter your credentials: error no matching accounts found in MSAL cache

I'm trying to sign in to Visual Studio 2022 Community edition using my Microsoft account. However, this error message pops up immediately after I sign in from my browser:

Re-enter your credentials Visual Studio encountered problems while attempting to access some directories. Error: no matching accounts found in any MSAL cache

This error only shows up when I’m trying to sign in to Visual Studio in admin mode. I could successfully sign in using the same Microsoft account when Visual Studio is not running in admin mode.

What I've tried:

1. Delete all files in C:\Users\{username}\AppData\Local\.IdentityService
2. Using system browser in Tools > Options > Environment > Accounts
3. Remove and re-add my account

Would appreciate any help on how to resolve this. Thanks!