When the virtual currency drama returns, Son Tung's name is mentioned again!
Cryptocurrency drama is exploding across social networks , as a series of old projects are being "dug up" while investors are impatient because of market fluctuations.
In that wave, the online community mentioned Son Tung M-TP - the character who shocked the entire Vietnamese crypto world when he "joined hands" with the Radio Caca (RACA ) project in mid-2022.
It was at the height of the “ Token craze” that RACA was at.
This digital currency once increased in price a hundredfold in just a few months , reaching a Capital of nearly 2 billion USD , causing many Vietnamese investors to FOMO.
But then, after peaking at $0.012/coin, RACA collapsed by 97% of its value , leaving countless doubts about the future of metaverse projects.
Amid the plummeting cryptocurrency market, the M-TP Talent x RACA deal, which was once loudly announced with a value of more than 25 billion VND , has now become a typical example for the question: "When artists join hands with cryptocurrency - who really understands what they are signing?"
Timeline: From Hope to Crisis
05/2022: The two sides officially announced their cooperation. M-TP became a strategic partner of RACA, participating in the metaverse project.
05/2022 – 06/2023: After the MV “There's No One At All” was punished, RACA temporarily stopped implementation , and some media items were suspended.
06/2023: M-TP Talent announced that the contract expired naturally , while RACA said that many obligations were not completed and filed a lawsuit .
04/2024: VIAC Arbitration ruled that M-TP Talent must pay nearly 6 billion VND in compensation .
08/2024: The court annulled the VIAC ruling and accepted M-TP Talent's appeal for "violating basic principles of law" .
Meaning — the arbitration award is void, and M-TP Talent has temporarily won the case .
When the contract is real, the transaction is real, but… the results “evaporate”
On the surface, this is just a trade dispute.
But internally, the case reveals a larger problem: how the Vietnamese entertainment and tech industry is “entering Web3” without a solid legal foundation .
There is a real contract.
There are real deals.
There is a signed media obligation.
But when the project fails – money lost, image gone – all that remains is… silence and a courtroom .
The question is:
If the contract is "completely innocent", why was it signed for tens of billions of dong?
If it is just "image promotion", why does the case have to drag on through arbitration and then to court ?
“Blind spots” in cryptocurrency KOL contracts
The M-TP & RACA cases clearly show common legal loopholes in Web3 brand ambassador contracts:
Lack of “morals clause” – stipulating the right to suspend cooperation if a scandal occurs that affects the brand.
No escrow – funds are released in full instead of in stages.
Unclear definition of scope of collaboration – is “image” only for media or also in Non-Fungible Token/metaverse?
Lack of consistency in media content approval process – easily leads to disputes over “who agrees, who doesn’t”.
When things go wrong, both sides are right – and that's what makes it difficult for the referee .
Artists – Businesses: The fine line between “image” and “duty”
The media called this a “failed metaverse collaboration,” but deep down, it was a clash of two working philosophies :
RACA sees artists as commercial partners : deliverable, KPI, clear timeline.
M-TP Talent operates on a creative and emotional model , where “timing” and “visual direction” can change.
When one side operates according to business logic, while the other side maintains artistic logic - just one media incident can easily cause any agreement to fall into a gray area .
Silence – strategy or limitation?
Throughout the litigation, both sides remained largely silent .
No press conference, no bold statement. Just brief summaries of legal documents and a few news clips.
Some people say this is a “smart communication strategy” – keeping silent so that public opinion can forget.
But there are also opinions that this is a sign of fatigue , when both sides know that whether they win or lose, their image has been somewhat damaged.
A special trial: When… the judge has a sore throat?
According to information from the trial, when the court announced the verdict, the litigant could not hear clearly the content of the verdict .
A council member said the chairman “had a sore throat so he spoke softly,” even though the microphone was ready.
This seemingly small detail reflects the lack of transparency in civil proceedings , causing further public confusion.
Expensive lessons for Web3 creators and startups
From the story of M-TP Talent – RACA, we can draw 4 practical lessons:
KOL/Web3 contracts must have morals clauses and clear conditions for stopping cooperation.
Any large payments need to be tied to a delivery milestone (milestone + escrow).
Requires a written / on-chain log media content approval process.
Appropriate arbitrator should be selected and the applicable law should be clearly determined.
Conclusion
The story of cooperation between M-TP Talent and RACA is not simply a lawsuit.
It marks a turning point when Vietnamese artists step into the world of digital assets , where everything – from “images”, “Token” to “metaverse events” – has commercial value, but also carries potential legal responsibilities .
The silence of both sides may be strategic, but it is also a warning : In the new era, "artists" who want to go further must think like businesses . And "businesses" who want to cooperate sustainably must understand the creative language of artists .
Only when these two worlds find a common language with a transparent contract , will the next "25 billion VND" not be caught up in... silence and the courtroom.
