Terraform Labs co-founder Do Kwon's bid to recover S$19.4 million in Singapore housing debt dismissed by the court

PANews reported on September 6 that according to Lianhe Zaobao, Do Kwon, co-founder of the bankrupt blockchain company Terraform Labs, demanded about 50% of the purchase price of a penthouse apartment on Orchard Road in Singapore, but was rejected by the Singapore High Court.

Five months before his cryptocurrencies, TerraUSD and Luna, collapsed in 2022, Do Kwon had already set his sights on the S$38.8 million Sculptura Ardmore condominium. He selected a 7,600-square-foot, four-bedroom duplex penthouse on the 19th floor, one of only three in the development. Do Kwon paid approximately S$19.4 million in option fees and subsequent payments, almost half the purchase price. However, the purchase ultimately fell through, and the condominium was eventually resold for S$34.5 million. Although the developer allegedly seized the money Do Kwon paid, he argued that the seizure was invalid and authorized his wife to file a lawsuit in the Singapore High Court. Do Kwon's application was dismissed on July 26.