- Do Kwon loses multimillion penthouse deposit after court ruling.
- Singapore court dismisses Kwon’s claim over S$19.4M penthouse.
- Luxury Orchard Road penthouse slip adds to Do Kwon’s woes.
Terraform Labs co-founder Do Kwon has lost his bid to recover a S$19.4 million deposit paid for a luxury penthouse in Singapore. The High Court struck out his claim, and the developer was allowed to keep the money even though the sale had not taken place.
The controversial estate was a 7,600 square foot duplex at Sculptura Ardmore, a luxury development on Orchard Road. Kwon’s wife made the payments in early 2022, covering option fees and transfers worth nearly half of the S$38.8 million purchase price. The developer later sold the unit for S$34.5 million.
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Court Details and Lease Dispute
Court documents revealed that Kwon authorized his wife to exercise the purchase option by paying S$1,000 on May 17, 2023. The deal required completion by May 31, but this did not take place—the option and lease lapsed by June 22, with the court ruling against refunding the deposit.
At the same time, Kwon and his wife leased the penthouse for 16 months beginning in February 2022. They paid S$640,000 upfront at a monthly rate of S$40,000 and carried out renovations. Despite the lease expiring in June 2023, they remained until July 25. The court ordered them to pay one more month’s rent but dismissed the developer’s demand for S$90,000 in repair costs.
Mounting Legal Troubles
This property setback adds to Kwon’s mounting legal challenges worldwide. His TerraUSD and Luna cryptocurrency projects collapsed in 2022, wiping out around $40 billion in investor wealth. He was later indicted in the United States on nine charges in 2023.
On August 12, 2025, Kwon pleaded guilty to conspiracy and wire fraud. As part of a plea deal, he agreed to forfeit $19.3 million and multiple properties. Sentencing has been scheduled for December 11.
The failed purchase has left Kwon without the penthouse or the deposit. Combined with his U.S. criminal case, the court decision further underscores his deepening financial and legal troubles.
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