Do Kwon was just sentenced to 15 years for $40 billion in fraud, while SBF was sentenced to 25 years for $11 billion in fraud.

Kwon's Terra-Luna collapse caused economic losses nearly four times that of FTX, yet he received a 10-year shorter sentence.

The judge stated that this was a large-scale, generational fraud with hundreds of thousands of victims worldwide. So, why the lighter sentence?

The biggest difference in how the cases were handled lies in attitude. Kwon pleaded guilty and took responsibility in August.

He wrote a letter to the court stating that he was responsible for the suffering endured by people and acknowledged that he misled the community out of arrogance. He listened to hundreds of victim impact statements and apologized directly.

SBF, on the other hand, chose to go to trial and maintained his innocence throughout. He claimed that FTX was simply facing a liquidity crisis and not actual fraud. The jury convicted him in just 4 hours.

Judge Kaplan found that SBF had committed perjury multiple times while testifying and described his testimony as one of the most cunning he had seen in decades.

SBF also attempted to influence witnesses by contacting FTX's former general counsel before the trial.

Do Kwon: The judge explicitly considered an additional factor in sentencing—after completing his sentence in the U.S., Kwon may still face an additional maximum of 40 years in South Korea.

SBF: In contrast, SBF does not have pending charges from other countries, so this 25 years is essentially his final sentence (unless his appeal is successful).