Terraform Labs’ Do Kwon Denied $14M Penthouse Refund
The post Terraform Labs’ Do Kwon Denied $14M Penthouse Refund appeared on BitcoinEthereumNews.com. Fintech Do Kwon’s bid to recover millions from a failed penthouse deal in Singapore has been struck down, tightening the legal net around the disgraced Terraform Labs co-founder. Instead of the lavish home he once sought, Kwon is now left with nothing to show for the S$19.4 million (≈$14.2 million) he placed as a deposit. The property — a 7,600-square-foot Orchard Road duplex complete with four bedrooms and panoramic skyline views — was intended to be his crown jewel purchase just months before the TerraUSD and Luna crash in 2022 erased more than $40 billion from investors’ pockets. A Deal That Unraveled Kwon, through his wife, signed on to buy the penthouse for nearly S$38.8 million, but the transaction quickly soured. Despite paying hefty option fees and securing a high-priced lease at around S$40,000 a month, the couple failed to exercise their right to complete the purchase by the mid-2023 deadline. The developer resold the unit for S$34.5 million and held onto Kwon’s payments. Kwon later claimed the forfeiture was invalid and attempted to recover the funds in court. Singapore’s High Court rejected the argument, ruling that the developer was within its rights. While a side demand from the seller for extra repair costs was dismissed, Kwon was still ordered to cover legal fees and additional rent. Another Legal Headache The decision comes as Kwon faces overlapping legal battles on multiple fronts. In the U.S., he pleaded guilty in August 2025 to charges of conspiracy and wire fraud, agreeing to hand over more than $19 million in assets. His sentencing is scheduled for December. Back in Singapore, hundreds of investors have launched lawsuits demanding up to $90 million in damages, accusing him and the Luna Foundation Guard of misleading practices tied to the Terra collapse. Echoes of Other Fallen Founders…
The post Terraform Labs’ Do Kwon Denied $14M Penthouse Refund appeared on BitcoinEthereumNews.com.
Fintech Do Kwon’s bid to recover millions from a failed penthouse deal in Singapore has been struck down, tightening the legal net around the disgraced Terraform Labs co-founder. Instead of the lavish home he once sought, Kwon is now left with nothing to show for the S$19.4 million (≈$14.2 million) he placed as a deposit. The property — a 7,600-square-foot Orchard Road duplex complete with four bedrooms and panoramic skyline views — was intended to be his crown jewel purchase just months before the TerraUSD and Luna crash in 2022 erased more than $40 billion from investors’ pockets. A Deal That Unraveled Kwon, through his wife, signed on to buy the penthouse for nearly S$38.8 million, but the transaction quickly soured. Despite paying hefty option fees and securing a high-priced lease at around S$40,000 a month, the couple failed to exercise their right to complete the purchase by the mid-2023 deadline. The developer resold the unit for S$34.5 million and held onto Kwon’s payments. Kwon later claimed the forfeiture was invalid and attempted to recover the funds in court. Singapore’s High Court rejected the argument, ruling that the developer was within its rights. While a side demand from the seller for extra repair costs was dismissed, Kwon was still ordered to cover legal fees and additional rent. Another Legal Headache The decision comes as Kwon faces overlapping legal battles on multiple fronts. In the U.S., he pleaded guilty in August 2025 to charges of conspiracy and wire fraud, agreeing to hand over more than $19 million in assets. His sentencing is scheduled for December. Back in Singapore, hundreds of investors have launched lawsuits demanding up to $90 million in damages, accusing him and the Luna Foundation Guard of misleading practices tied to the Terra collapse. Echoes of Other Fallen Founders…
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