- Do Kwon lost his S$19.4 million deposit case on a Singapore penthouse after the High Court dismissal.
- The luxury unit was never purchased and later resold for S$34.5M by the property developer.
- Kwon faces U.S. charges and investor lawsuits linked to Terra-Luna’s $40B market collapse.
Terraform Labs co-founder Do Kwon has failed in his attempt to recover a S$19.4 million (about $14.2 million) deposit paid for a luxury penthouse in Singapore after the nation’s High Court dismissed his claim. The payment represented nearly half of the total S$38.8 million purchase price for the unit at Sculptura Ardmore, a high-end residential project along Orchard Road.
Kwon had made the payment through his wife in early 2022, months before the collapse of the TerraUSD and Luna cryptocurrencies. The transaction included option fees and subsequent payments totaling close to 50% of the purchase cost. However, the sale was never completed, and the property developer retained the money before reselling the penthouse for S$34.5 million.
Details of the Property Deal
The unit in question was a 7,600 square foot duplex on the 19th floor, one of only three penthouses in the development launched in 2012. Court filings show that on May 17, 2023, Kwon authorized his wife to pay S$1,000 to exercise the purchase option. The purchase was required to be completed by May 31, but this did not occur. The lease and purchase option lapsed on June 22, 2023.
During the same period, Kwon and his wife also leased the property for 16 months beginning in February 2022, paying S$640,000 upfront at a rate of S$40,000 per month. They carried out renovations and continued to occupy the apartment until July 25, 2023, one month after the contract expired. The High Court ordered them to pay an additional month’s rent but rejected the developer’s claim for S$90,000 in repair costs.
Related: Do Kwon Pleads Guilty to Fraud Charges in $40 Billion Terra LUNA Collapse Case
The ruling adds to Kwon’s legal challenges following the 2022 collapse of the Terra-Luna ecosystem, which erased an estimated $40 billion in investor wealth. He was indicted in the United States on nine charges in 2023. On August 12, 2025, he pled guilty to conspiracy and wire fraud, agreeing to forfeit $19.3 million and multiple properties as part of a plea deal. Sentencing is scheduled for December 11.
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