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Do Kwon’s S$19.4million deposit case on a Singapore Penthouse was dismissed by the High Court.
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The luxury apartment was never purchased, but later resold by the developer for S$34.5M.
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Kwon is facing U.S. charges as well as investor lawsuits in relation to Terra-Luna’s $40B market crash.
Do Kwon, co-founder of Terraform Labs, has failed to recover the S$19.4m (about $14.2m) deposit he paid for a luxury Penthouse in Singapore. The High Court of Singapore dismissed his claim. The deposit was nearly half the total S$38.8million purchase price of the unit at Sculptura, a high-end housing project on Orchard Road.
Kwon made the payment in early 2022 through his wife, months before TerraUSD and Luna cryptocurrency collapsed. The transaction included option payments and subsequent payments that totaled close to 50% of purchase cost. The sale was never completed and the developer kept the money, before selling the penthouse at S$34.5m.
Details of the Property Deal
The unit in question was 7,600 square feet of duplex space on the 19th level, one of three penthouses within the 2012 development. Kwon authorized the payment of S$1,000 by his wife on May 17, 2023 to exercise the option to purchase. The purchase was supposed to be completed before May 31, but it never happened. The lease and purchase option expired on June 22, 2023.
Kwon and wife leased the property during the same period for 16 months, beginning in February 2022. They paid S$640,000 up front at a rate S$40,000 per monthly. They continued to live in the apartment for one month after their contract expired, and carried out renovations. The High Court ordered that they pay an extra month’s rent, but rejected the developer’s claim of S$90,000.
Related: Do Kwon Pleads guilty to Fraud Charges In $40 Billion Terra-LUNA Collapse Case
The ruling is a further legal challenge for Kwon following the collapse of Terra-Luna in 2022, which wiped out an estimated $40 billion worth of investor wealth. In 2023, he was indicted on nine charges. In 2025, he entered a guilty plea to conspiracy and wire theft, and agreed to forfeit $19.3 millions and multiple properties in a plea agreement. The sentencing date is December 11.
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