Particle.news
Download on the App Store
3 ARTICLES
·
last wk.

Singapore Court Rejects Do Kwon’s Bid to Recover S$19.4 Million Penthouse Deposit

The ruling tightens financial pressure on the Terraform Labs founder ahead of his December 11 U.S. sentencing.

Do Kwon fraud ftx singapore south korea terra terraform labs UST stablecoins terra collapse
(Source: CoinGecko)

Overview

  • The High Court held that the developer could keep the S$19.4 million paid toward a Sculptura Ardmore penthouse after Do Kwon failed to exercise the purchase option by mid‑2023.
  • The judge rejected a repair claim but ordered Kwon to pay an extra month’s rent of about S$40,000 and cover legal costs after his wife overstayed the lease.
  • The 7,600‑square‑foot Orchard Road duplex was later resold for S$34.5 million, with the original payments retained by the developer.
  • Kwon pleaded guilty in the United States in August to conspiracy and wire fraud and agreed to forfeit roughly $19–$19.3 million, with sentencing scheduled for December 11, 2025.
  • Investor lawsuits in Singapore continue to seek up to about S$120 million (roughly $90 million) over alleged misleading practices tied to the Terra collapse.