Do Kwon, the founder of Terraform Labs, has lost a legal bid to reclaim a $15.1 million down payment on a luxury Singapore penthouse, the Singapore High Court ruled.
Local reports say Kwon and his wife signed a 16-month lease in early 2022 for the four‑bedroom penthouse at the Sculptura Ardmore complex. The couple paid a total of $15.1 million (S$19.4 million)—about half the purchase price—and paid roughly S$40,000 a month in rent.
On May 17, 2023, Kwon instructed his wife to exercise a purchase option that required a nominal payment of $778 (S$1,000). That payment was never made. The option and lease expired in June 2023, but Kwon’s wife remained at the unit for an additional month.
The developer kept the down payment and sued for damages, alleging a breach of contract. It also sought an extra month’s rent and about S$90,000 for repairs. The High Court dismissed the repair claim but awarded the additional month’s rent and rejected Kwon’s demand to recover the deposit. The unit was later resold for $26.87 million (S$34.5 million).
This ruling sits alongside a wider legal context: Do Kwon faces multiple criminal charges in the U.S. and South Korea related to the collapse of the Terra ecosystem and pleaded guilty in the U.S. to conspiracy and wire fraud in August 2025; he is due to be sentenced on December 11. The case highlights how personal and corporate assets tied to high‑profile crypto figures can become entangled in civil and criminal proceedings.
Why it matters: Beyond the headline figure, the decision underscores legal and financial risks for crypto executives and creditors—funds paid into property deals can be lost if contractual conditions aren’t met or if broader enforcement actions and prosecutions intervene.
Source: Decrypt. Read the original coverage for full details.