<p>&#272;&#7891;ng s&aacute;ng l&#7853;p Terraform Labs, Do Kwon, &#273;&atilde; b&#7883; <a href="https://vn.beincrypto.com/do-kwon-sentenced-15-years-terra-fraud/" target="_blank" rel="noreferrer noopener">k&#7871;t &aacute;n</a> 15 n&#259;m t&ugrave; li&ecirc;n bang v&agrave;o th&#7913; N&#259;m v&igrave; th&#7921;c hi&#7879;n v&#7909; l&#7915;a &#273;&#7843;o ti&#7873;n m&atilde; h&oacute;a tr&#7883; gi&aacute; 40 t&#7927; USD &mdash; m&#7897;t m&#7913;c &aacute;n nh&#7865; h&#417;n &#273;&aacute;ng k&#7875; so v&#7899;i 25 n&#259;m c&#7911;a nh&agrave; s&aacute;ng l&#7853;p FTX <a href="https://beincrypto.com/sam-bankman-fried-prison-life-interview/" target="_blank" rel="noreferrer noopener">Sam Bankman-Fried (SBF)</a> n&#259;m ngo&aacute;i, m&#7863;c d&ugrave; v&#7909; l&#7915;a &#273;&#7843;o c&#7911;a Kwon g&acirc;y t&#7893;n th&#7845;t g&#7845;p g&#7847;n b&#7889;n l&#7847;n v&#7873; m&#7863;t t&agrave;i ch&iacute;nh.</p>
<p>S&#7921; kh&aacute;c bi&#7879;t v&#7873; b&#7843;n &aacute;n n&agrave;y cho th&#7845;y, th&aacute;i &#273;&#7897; t&#7841;i t&ograve;a, s&#7921; h&#7889;i l&#7895;i v&agrave; h&#7907;p t&aacute;c v&#7899;i c&#417; quan ch&#7913;c n&#259;ng c&oacute; th&#7875; &#7843;nh h&#432;&#7903;ng m&#7841;nh m&#7869; &#273;&#7871;n k&#7871;t qu&#7843; trong c&aacute;c v&#7909; &aacute;n t&agrave;i ch&iacute;nh l&#7899;n.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-the-verdicts">K&#7871;t lu&#7853;n</h2>

<p>Th&#7849;m ph&aacute;n Paul Engelmayer c&#7911;a T&ograve;a &aacute;n Qu&#7853;n ph&iacute;a Nam New York, &#273;&atilde; m&ocirc; t&#7843; v&#7909; s&#7909;p &#273;&#7893; c&#7911;a Terra-Luna l&agrave; &ldquo;m&#7897;t v&#7909; l&#7915;a &#273;&#7843;o quy m&ocirc; kh&#7893;ng l&#7891; v&agrave; ch&#432;a t&#7915;ng c&oacute;&rdquo;. &Ocirc;ng &#273;&atilde; b&aacute;c b&#7887; &#273;&#7873; xu&#7845;t c&#7911;a c&aacute;c c&ocirc;ng t&#7889; vi&ecirc;n v&#7873; b&#7843;n &aacute;n 12 n&#259;m v&igrave; cho r&#7857;ng &ldquo;qu&aacute; nh&#7865;&rdquo;, &#273;&#7891;ng th&#7901;i c&#361;ng b&aacute;c b&#7887; y&ecirc;u c&#7847;u 5 n&#259;m c&#7911;a ph&iacute;a b&agrave;o ch&#7919;a l&agrave; &ldquo;ho&agrave;n to&agrave;n kh&ocirc;ng th&#7875; ch&#7845;p nh&#7853;n v&agrave; r&#7845;t v&ocirc; l&yacute;&rdquo;.</p>
<p>&ldquo;Vi&#7879;c l&agrave;m c&#7911;a &ocirc;ng &#273;&atilde; khi&#7871;n nhi&#7873;u ng&#432;&#7901;i th&#7853;t s&#7921; m&#7845;t &#273;i 40 t&#7927; USD ti&#7873;n th&#7853;t, ch&#7913; kh&ocirc;ng ph&#7843;i ch&#7881; l&agrave; m&#7845;t ti&#7873;n tr&ecirc;n gi&#7845;y,&rdquo; Th&#7849;m ph&aacute;n Engelmayer n&oacute;i v&#7899;i Kwon, &#273;&#7891;ng th&#7901;i l&#432;u &yacute; r&#7857;ng c&oacute; th&#7875; &#273;&atilde; c&oacute; t&#7899;i m&#7897;t tri&#7879;u n&#7841;n nh&acirc;n tr&ecirc;n to&agrave;n th&#7871; gi&#7899;i.</p>
<p>Ng&#432;&#7907;c l&#7841;i, th&#7849;m ph&aacute;n Lewis Kaplan &#273;&atilde; tuy&ecirc;n ph&#7841;t SBF 25 n&#259;m t&ugrave; v&agrave;o th&aacute;ng 03/2024 v&igrave; v&#7909; l&#7915;a &#273;&#7843;o 11 t&#7927; USD, nh&#7845;n m&#7841;nh SBF c&oacute; &ldquo;kh&#7843; n&#259;ng n&oacute;i d&#7889;i c&#7921;c k&#7923; linh ho&#7841;t&rdquo; v&agrave; &ldquo;g&#7847;n nh&#432; kh&ocirc;ng c&oacute; ch&uacute;t &#259;n n&#259;n n&agrave;o&rdquo;.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-why-the-difference">V&igrave; sao c&oacute; s&#7921; kh&aacute;c bi&#7879;t?</h2>

<h3 class="wp-block-heading" id="h-guilty-plea-vs-trial">Nh&#7853;n t&#7897;i so v&#7899;i ra t&ograve;a</h3>

<p><a href="https://vn.beincrypto.com/terraform-labs-founder-do-kwon-plead-guilty/" target="_blank" rel="noreferrer noopener">Kwon &#273;&atilde; nh&#7853;n t&#7897;i</a> v&agrave;o th&aacute;ng 08/2025 v&#7899;i c&aacute;c c&aacute;o bu&#7897;c &acirc;m m&#432;u v&agrave; gian l&#7853;n &#273;i&#7879;n t&#7917;, th&#7915;a nh&#7853;n tr&aacute;ch nhi&#7879;m v&#7873; vi&#7879;c l&agrave;m sai l&#7879;ch th&ocirc;ng tin nh&agrave; &#273;&#7847;u t&#432; li&ecirc;n quan &#273;&#7871;n c&#417; ch&#7871; &#7893;n &#273;&#7883;nh c&#7911;a TerraUSD. Trong th&#432; g&#7917;i t&ograve;a &aacute;n, &ocirc;ng vi&#7871;t: &ldquo;T&ocirc;i l&agrave; ng&#432;&#7901;i duy nh&#7845;t ph&#7843;i ch&#7883;u tr&aacute;ch nhi&#7879;m cho n&#7895;i &#273;au c&#7911;a m&#7885;i ng&#432;&#7901;i. C&#7897;ng &#273;&#7891;ng &#273;&atilde; tin t&ocirc;i s&#7869; d&#7851;n l&#7889;i &#273;&uacute;ng, nh&#432;ng t&ocirc;i, v&igrave; s&#7921; t&#7921; cao m&agrave; &#273;&atilde; d&#7851;n m&#7885;i ng&#432;&#7901;i &#273;i sai &#273;&#432;&#7901;ng.&rdquo;</p>
<p>Trong khi &#273;&oacute;, SBF l&#7921;a ch&#7885;n ra t&ograve;a v&agrave; li&ecirc;n t&#7909;c kh&#7859;ng &#273;&#7883;nh m&igrave;nh v&ocirc; t&#7897;i. Anh cho r&#7857;ng FTX ch&#7881; &#273;&#417;n thu&#7847;n &ldquo;thi&#7871;u thanh kho&#7843;n&rdquo; ch&#7913; kh&ocirc;ng ph&#7843;i l&agrave; gian l&#7853;n. Tuy nhi&ecirc;n, b&#7891;i th&#7849;m &#273;o&agrave;n ch&#7881; m&#7845;t b&#7889;n gi&#7901; &#273;&#7875; k&#7871;t t&#7897;i anh ta cho c&#7843; b&#7843;y c&aacute;o bu&#7897;c.</p>
<h3 class="wp-block-heading" id="h-courtroom-conduct">C&aacute;ch &#7913;ng x&#7917; trong ph&ograve;ng x&#7917; &aacute;n</h3>

<p>Th&#7849;m ph&aacute;n Kaplan ph&aacute;t hi&#7879;n SBF &#273;&atilde; khai man &iacute;t nh&#7845;t ba l&#7847;n trong phi&ecirc;n x&eacute;t x&#7917;. &Ocirc;ng nh&#7853;n x&eacute;t ph&#7847;n tr&#7843; l&#7901;i c&#7911;a SBF tr&#432;&#7899;c t&ograve;a l&agrave; &ldquo;l&#432;&#417;n l&#7865;o&rdquo; nh&#7845;t trong g&#7847;n 30 n&#259;m l&agrave;m th&#7849;m ph&aacute;n c&#7911;a m&igrave;nh. &ldquo;Khi anh ta kh&ocirc;ng n&oacute;i d&#7889;i tr&#7855;ng tr&#7907;n th&igrave; c&#361;ng tr&#7843; l&#7901;i tr&aacute;nh n&eacute;, n&eacute; tr&aacute;nh v&agrave; l&#7855;t l&eacute;o t&#7915;ng c&acirc;u h&#7887;i,&rdquo; Kaplan cho bi&#7871;t.</p>
<p>Th&#7849;m ph&aacute;n c&#361;ng x&aacute;c &#273;&#7883;nh SBF &#273;&atilde; c&#7889; g&#7855;ng t&aacute;c &#273;&#7897;ng &#273;&#7871;n c&aacute;c nh&acirc;n ch&#7913;ng tr&#432;&#7899;c khi x&eacute;t x&#7917;. Anh ta t&#7915;ng nh&#7855;n tin cho Ryne Miller, c&#7921;u t&#7893;ng c&#7889; v&#7845;n FTX, &#273;&#7873; ngh&#7883; &ldquo;c&ugrave;ng nhau r&agrave; so&aacute;t m&#7885;i th&#7913;&rdquo;.</p>
<p>Trong khi &#273;&oacute;, Kwon &#273;&atilde; l&#7855;ng nghe c&aacute;c th&#432; chia s&#7867; c&#7911;a n&#7841;n nh&acirc;n &mdash; c&oacute; t&#7899;i 315 l&aacute; th&#432; g&#7917;i t&#7899;i t&ograve;a &mdash; v&agrave; tr&#7921;c ti&#7871;p xin l&#7895;i. &ldquo;&#272;&#432;&#7907;c nghe c&aacute;c n&#7841;n nh&acirc;n chia s&#7867; th&#7853;t s&#7921; r&#7845;t &#273;au l&ograve;ng v&agrave; khi&#7871;n t&ocirc;i nh&#7899; l&#7841;i nh&#7919;ng m&#7845;t m&aacute;t l&#7899;n lao m&igrave;nh &#273;&atilde; g&acirc;y ra,&rdquo; Kwon n&oacute;i v&#7899;i Th&#7849;m ph&aacute;n Engelmayer.</p>
<h3 class="wp-block-heading" id="h-future-legal-exposure">R&#7911;i ro ph&aacute;p l&yacute; trong t&#432;&#417;ng lai</h3>

<p>M&#7897;t y&#7871;u t&#7889; quan tr&#7885;ng trong vi&#7879;c tuy&ecirc;n &aacute;n &#273;&#7889;i v&#7899;i Kwon l&agrave; &ocirc;ng v&#7851;n &#273;ang ch&#7901; b&#7883; x&eacute;t x&#7917; t&#7841;i H&agrave;n Qu&#7889;c, v&agrave; &aacute;n ph&#7841;t c&oacute; th&#7875; l&ecirc;n &#273;&#7871;n 40 n&#259;m t&ugrave; b&#7893; sung. Th&#7849;m ph&aacute;n Engelmayer &#273;&atilde; c&acirc;n nh&#7855;c y&#7871;u t&#7889; n&agrave;y khi x&aacute;c &#273;&#7883;nh m&#7913;c &aacute;n. Nhi&#7873;u kh&#7843; n&#259;ng Kwon s&#7869; b&#7883; d&#7851;n &#273;&#7897; v&#7873; H&agrave;n Qu&#7889;c &#273;&#7875; ti&#7871;p t&#7909;c x&eacute;t x&#7917; sau khi ho&agrave;n th&agrave;nh &aacute;n t&#7841;i M&#7929;.</p>
<p>SBF th&igrave; kh&ocirc;ng &#273;&#7889;i m&#7863;t nguy c&#417; ph&aacute;p l&yacute; t&#432;&#417;ng t&#7921; &#7903; n&#432;&#7899;c ngo&agrave;i, n&ecirc;n b&#7843;n &aacute;n 25 n&#259;m t&#7841;i M&#7929; l&agrave; h&igrave;nh ph&#7841;t ch&iacute;nh c&#7911;a anh ta. Tuy nhi&ecirc;n, SBF &#273;ang t&iacute;ch c&#7921;c kh&aacute;ng c&aacute;o &#273;&#7875; l&#7853;t l&#7841;i k&#7871;t qu&#7843; x&eacute;t x&#7917;. V&agrave;o th&aacute;ng 11/2025, <a href="https://vn.beincrypto.com/sbf-launches-appeal-claims-he-was-presumed-guilty-before-trial/" target="_blank" rel="noreferrer noopener">&#273;&#7897;i ng&#361; ph&aacute;p l&yacute; c&#7911;a SBF &#273;&atilde; n&#7897;p &#273;&#417;n kh&aacute;ng c&aacute;o</a>, cho r&#7857;ng anh b&#7883; coi l&agrave; c&oacute; t&#7897;i tr&#432;&#7899;c c&#7843; khi phi&ecirc;n t&ograve;a b&#7855;t &#273;&#7847;u. Lu&#7853;t s&#432; Alexandra Shapiro cho r&#7857;ng t&ograve;a &#273;&atilde; kh&ocirc;ng cho ph&eacute;p ch&#7913;ng c&#7913; then ch&#7889;t ch&#7913;ng minh FTX v&#7851;n c&ograve;n kh&#7843; n&#259;ng thanh to&aacute;n v&agrave; &#273;&atilde; &#273;&#7889;i x&#7917; thi&#7871;u c&ocirc;ng b&#7857;ng trong su&#7889;t qu&aacute; tr&igrave;nh x&#7917; &aacute;n. T&ograve;a ph&uacute;c th&#7849;m d&#7921; ki&#7871;n s&#7869; m&#7845;t v&agrave;i th&aacute;ng &#273;&#7875; &#273;&#432;a ra ph&aacute;n quy&#7871;t.</p>
<table class="has-fixed-layout"><tbody><tr class="border-grey-200  border-y bg-white [&amp;_th]:bg-white"><td class="px-2.5 lg:px-4 py-2 lg:py-3.5 p5 p5--medium lg:p4 lg:p4--medium border-r border-white text-left"></td><td class="px-2.5 lg:px-4 py-2 lg:py-3.5 p5 p5--medium lg:p4 lg:p4--medium border-r border-white text-left">Do Kwon</td><td class="px-2.5 lg:px-4 py-2 lg:py-3.5 p5 p5--medium lg:p4 lg:p4--medium border-r border-white text-left">Sam Bankman-Fried</td></tr><tr class="border-grey-200  border-y bg-white [&amp;_th]:bg-white"><td class="px-2.5 lg:px-4 py-2 lg:py-3.5 p5 p5--medium lg:p4 lg:p4--medium border-r border-white text-left">B&#7843;n &aacute;n</td><td class="px-2.5 lg:px-4 py-2 lg:py-3.5 p5 p5--medium lg:p4 lg:p4--medium border-r border-white text-left">15 n&#259;m</td><td class="px-2.5 lg:px-4 py-2 lg:py-3.5 p5 p5--medium lg:p4 lg:p4--medium border-r border-white text-left">25 n&#259;m</td></tr><tr class="border-grey-200  border-y bg-white [&amp;_th]:bg-white"><td class="px-2.5 lg:px-4 py-2 lg:py-3.5 p5 p5--medium lg:p4 lg:p4--medium border-r border-white text-left">T&#7893;ng thi&#7879;t h&#7841;i &#432;&#7899;c t&iacute;nh</td><td class="px-2.5 lg:px-4 py-2 lg:py-3.5 p5 p5--medium lg:p4 lg:p4--medium border-r border-white text-left">40 t&#7927; USD</td><td class="px-2.5 lg:px-4 py-2 lg:py-3.5 p5 p5--medium lg:p4 lg:p4--medium border-r border-white text-left">11 t&#7927; USD</td></tr><tr class="border-grey-200  border-y bg-white [&amp;_th]:bg-white"><td class="px-2.5 lg:px-4 py-2 lg:py-3.5 p5 p5--medium lg:p4 lg:p4--medium border-r border-white text-left">Nh&#7853;n t&#7897;i hay x&eacute;t x&#7917;</td><td class="px-2.5 lg:px-4 py-2 lg:py-3.5 p5 p5--medium lg:p4 lg:p4--medium border-r border-white text-left">Nh&#7853;n t&#7897;i</td><td class="px-2.5 lg:px-4 py-2 lg:py-3.5 p5 p5--medium lg:p4 lg:p4--medium border-r border-white text-left">K&#7871;t &aacute;n sau x&eacute;t x&#7917;</td></tr><tr class="border-grey-200  border-y bg-white [&amp;_th]:bg-white"><td class="px-2.5 lg:px-4 py-2 lg:py-3.5 p5 p5--medium lg:p4 lg:p4--medium border-r border-white text-left">H&#7889;i l&#7895;i</td><td class="px-2.5 lg:px-4 py-2 lg:py-3.5 p5 p5--medium lg:p4 lg:p4--medium border-r border-white text-left">&#272;&atilde; xin l&#7895;i n&#7841;n nh&acirc;n</td><td class="px-2.5 lg:px-4 py-2 lg:py-3.5 p5 p5--medium lg:p4 lg:p4--medium border-r border-white text-left">Kh&ocirc;ng th&#7875; hi&#7879;n h&#7889;i l&#7895;i</td></tr><tr class="border-grey-200  border-y bg-white [&amp;_th]:bg-white"><td class="px-2.5 lg:px-4 py-2 lg:py-3.5 p5 p5--medium lg:p4 lg:p4--medium border-r border-white text-left">Khai man</td><td class="px-2.5 lg:px-4 py-2 lg:py-3.5 p5 p5--medium lg:p4 lg:p4--medium border-r border-white text-left">Kh&ocirc;ng c&oacute;</td><td class="px-2.5 lg:px-4 py-2 lg:py-3.5 p5 p5--medium lg:p4 lg:p4--medium border-r border-white text-left">B&#7883; x&aacute;c &#273;&#7883;nh 3 l&#7847;n</td></tr><tr class="border-grey-200  border-y bg-white [&amp;_th]:bg-white"><td class="px-2.5 lg:px-4 py-2 lg:py-3.5 p5 p5--medium lg:p4 lg:p4--medium border-r border-white text-left">Can thi&#7879;p nh&acirc;n ch&#7913;ng</td><td class="px-2.5 lg:px-4 py-2 lg:py-3.5 p5 p5--medium lg:p4 lg:p4--medium border-r border-white text-left">Kh&ocirc;ng c&oacute;</td><td class="px-2.5 lg:px-4 py-2 lg:py-3.5 p5 p5--medium lg:p4 lg:p4--medium border-r border-white text-left">C&oacute;</td></tr><tr class="border-grey-200  border-y bg-white [&amp;_th]:bg-white"><td class="px-2.5 lg:px-4 py-2 lg:py-3.5 p5 p5--medium lg:p4 lg:p4--medium border-r border-white text-left">Nguy c&#417; ph&aacute;p l&yacute; b&#7893; sung</td><td class="px-2.5 lg:px-4 py-2 lg:py-3.5 p5 p5--medium lg:p4 lg:p4--medium border-r border-white text-left">C&oacute; th&#7875; ch&#7883;u th&ecirc;m t&#7899;i 40 n&#259;m t&#7841;i H&agrave;n Qu&#7889;c</td><td class="px-2.5 lg:px-4 py-2 lg:py-3.5 p5 p5--medium lg:p4 lg:p4--medium border-r border-white text-left">Kh&ocirc;ng c&oacute;</td></tr></tbody></table>Ngu&#7891;n: BeInCrypto

<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-the-bigger-picture">B&#7913;c tranh t&#7893;ng th&#7875;</h2>

<p>C&#7843; hai v&#7909; &aacute;n &#273;&#7873;u l&agrave; c&#7897;t m&#7889;c l&#7899;n &#273;&#7889;i v&#7899;i vi&#7879;c x&#7917; l&yacute; c&aacute;c h&agrave;nh vi vi ph&#7841;m ph&aacute;p lu&#7853;t trong l&#297;nh v&#7921;c ti&#7873;n m&atilde; h&oacute;a. C&aacute;c c&ocirc;ng t&#7889; vi&ecirc;n nh&#7845;n m&#7841;nh r&#7857;ng <a href="https://vn.beincrypto.com/do-kwon-guilty-plea-prison-sentence-details/" target="_blank" rel="noreferrer noopener">thi&#7879;t h&#7841;i m&agrave; Kwon g&acirc;y ra</a> c&ograve;n l&#7899;n h&#417;n so v&#7899;i c&#7843; SBF, &#273;&#7891;ng s&aacute;ng l&#7853;p OneCoin Karl Sebastian Greenwood v&agrave; c&#7921;u CEO Celsius Alex Mashinsky c&#7897;ng l&#7841;i.</p>
<p>K&#7871;t qu&#7843; x&eacute;t x&#7917; g&#7917;i &#273;i th&ocirc;ng &#273;i&#7879;p r&otilde; r&agrave;ng cho ng&agrave;nh ti&#7873;n m&atilde; h&oacute;a: h&#7907;p t&aacute;c v&#7899;i c&#417; quan ch&#7913;c n&#259;ng v&agrave; th&#7853;t l&ograve;ng h&#7889;i l&#7895;i c&oacute; th&#7875; gi&uacute;p gi&#7843;m &#273;&aacute;ng k&#7875; th&#7901;i gian ng&#7891;i t&ugrave;.</p>
<p>Kwon &#273;&atilde; &#273;&#7891;ng &yacute; n&#7897;p l&#7841;i 19.3 tri&#7879;u USD theo th&#7887;a thu&#7853;n nh&#7853;n t&#7897;i. &Ocirc;ng c&ograve;n b&#7883; ph&#7841;t th&ecirc;m 80 tri&#7879;u USD v&agrave; b&#7883; c&#7845;m giao d&#7883;ch ti&#7873;n m&atilde; h&oacute;a su&#7889;t &#273;&#7901;i theo th&#7887;a thu&#7853;n gi&#7843;i quy&#7871;t v&#7899;i SEC n&#259;m 2024.</p>
<p>Y&ecirc;u c&#7847;u &#273;&#432;&#7907;c th&#7909; &aacute;n t&#7841;i H&agrave;n Qu&#7889;c c&#7911;a &ocirc;ng &#273;&atilde; b&#7883; t&#7915; ch&#7889;i.</p>


Do Kwon lĩnh án 15 năm, ít hơn SBF 10 năm—đây là lý do