Instead of the lavish home he once sought, Kwon is now left with nothing to show for the S$19.4 million (≈$14.2 million) he placed as a deposit. The property — a 7,600-square-foot Orchard Road duplex complete with four bedrooms and panoramic skyline views — was intended to be his crown jewel purchase just months before the TerraUSD and Luna crash in 2022 erased more than $40 billion from investors’ pockets.
Kwon, through his wife, signed on to buy the penthouse for nearly S$38.8 million, but the transaction quickly soured. Despite paying hefty option fees and securing a high-priced lease at around S$40,000 a month, the couple failed to exercise their right to complete the purchase by the mid-2023 deadline. The developer resold the unit for S$34.5 million and held onto Kwon’s payments.
Kwon later claimed the forfeiture was invalid and attempted to recover the funds in court. Singapore’s High Court rejected the argument, ruling that the developer was within its rights. While a side demand from the seller for extra repair costs was dismissed, Kwon was still ordered to cover legal fees and additional rent.
The decision comes as Kwon faces overlapping legal battles on multiple fronts. In the U.S., he pleaded guilty in August 2025 to charges of conspiracy and wire fraud, agreeing to hand over more than $19 million in assets. His sentencing is scheduled for December.
Back in Singapore, hundreds of investors have launched lawsuits demanding up to $90 million in damages, accusing him and the Luna Foundation Guard of misleading practices tied to the Terra collapse.
Observers have already drawn comparisons to Sam Bankman-Fried, the former FTX chief who was handed a 25-year sentence earlier this year. Both men once controlled empires worth billions; both now face years of litigation and potential prison time.
The rejected penthouse claim may be just a fraction of Kwon’s problems, but it underscores a deeper reality: even beyond crypto’s volatility, his fortunes are slipping away in courtrooms across the globe.
The information provided in this article is for informational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
The post Terraform Labs’ Do Kwon Denied $14M Penthouse Refund appeared first on Coindoo.
Also read: Cardano Faces Resistance As Rollblock Gains On Watchlists As 2025’s Best Crypto Presale Contender Today
