Do Kwon Loses Legal Battle Over $14.2M Singapore Penthouse Deposit
- Do Kwon lost his S$19.4 million deposit case on a Singapore penthouse after the High Court dismissal.
- The luxury unit was never purchased and later resold for S$34.5M by the property developer.
- Kwon faces U.S. charges and investor lawsuits linked to Terra-Luna’s $40B market collapse.
Terraform Labs co-founder Do Kwon has failed in his attempt to recover a S$19.4 million (about $14.2 million) deposit paid for a luxury penthouse in Singapore after the nation’s High Court dismissed his claim. The payment represented nearly half of the total S$38.8 million purchase price for the unit at Sculptura Ardmore, a high-end residential project along Orchard Road.
Kwon had made the payment through his wife in early 2022, months before the collapse of the TerraUSD and Luna cryptocurrencies. The transaction included option fees and subsequent payments totaling close to 50% of the purchase cost. However, the sale was never completed, and the property developer retained the money before reselling the penthouse for S$34.5 million.
Details of the Property Deal
The unit in question was a 7,600 square foot duplex on the 19th floor, one of only three penthouses in the de…
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Do Kwon Loses Legal Battle Over $14.2M Singapore Penthouse Deposit
- Do Kwon lost his S$19.4 million deposit case on a Singapore penthouse after the High Court dismissal.
- The luxury unit was never purchased and later resold for S$34.5M by the property developer.
- Kwon faces U.S. charges and investor lawsuits linked to Terra-Luna’s $40B market collapse.
Terraform Labs co-founder Do Kwon has failed in his attempt to recover a S$19.4 million (about $14.2 million) deposit paid for a luxury penthouse in Singapore after the nation’s High Court dismissed his claim. The payment represented nearly half of the total S$38.8 million purchase price for the unit at Sculptura Ardmore, a high-end residential project along Orchard Road.
Kwon had made the payment through his wife in early 2022, months before the collapse of the TerraUSD and Luna cryptocurrencies. The transaction included option fees and subsequent payments totaling close to 50% of the purchase cost. However, the sale was never completed, and the property developer retained the money before reselling the penthouse for S$34.5 million.
Details of the Property Deal
The unit in question was a 7,600 square foot duplex on the 19th floor, one of only three penthouses in the de…
The post Do Kwon Loses Legal Battle Over $14.2M Singapore Penthouse Deposit appeared first on Coin Edition.
Read More