Singapore High Court Rejects Do Kwon $14M Penthouse Deposit Claim

Do Kwon, co-founder of Terraform Labs, has lost his legal battle in the Singapore High Court to recover a S$19.4 million (about $14.2 million) deposit paid for a luxury penthouse at the Sculptura Ardmore complex. This deposit represented nearly half of the S$38.8 million purchase price for the 7,600-square-foot, four-bedroom duplex on the 19th floor, which was never fully purchased and later resold for S$34.5 million. Kwon and his wife had leased the apartment for 16 months starting in early 2022, paying approximately S$40,000 monthly, but failed to complete the sale by the May 31, 2023 deadline after attempting to exercise their purchase option with a S$1,000 payment. The High Court dismissed Kwon’s claim to retrieve the deposit and ordered him and his wife to pay an additional month’s rent, while rejecting the developer’s claim for S$90,000 in repair costs. The ruling highlights the financial and legal repercussions Kwon faces amid ongoing criminal charges in the U.S. and South Korea related to the collapse of the $40 billion TerraUSD and Luna cryptocurrencies, to which he pled guilty in August 2025. This case underscores the broader regulatory scrutiny and consequences stemming from Kwon’s failed crypto project and related high-value transactions.