Singapore Court Rejects Do Kwon's Claim for Orchard Road Penthouse Refund

According to PANews, the Singapore High Court has dismissed a claim by Do Kwon, co-founder of the defunct blockchain company Terraform Labs, for a refund of approximately 50% of the purchase price for a penthouse on Orchard Road. Do Kwon had set his sights on a 38.8 million SGD penthouse at Sculptura Ardmore five months before the collapse of his cryptocurrencies TerraUSD and Luna in 2022. The property in question was a 7,600-square-foot, four-bedroom duplex on the 19th floor, one of only three penthouses in the development. Kwon paid around 19.4 million SGD in option fees and subsequent payments, nearly half of the purchase price, but the transaction was not completed. The penthouse was eventually resold for 34.5 million SGD. Despite claims that the developer had forfeited Kwon's payments, Kwon argued that the forfeiture was invalid and filed a lawsuit through his wife in the Singapore High Court. However, his application was rejected on July 26.