Terraform Labs co-founder Do Kwon just lost a $14M court battle over a failed Singapore penthouse deal, as global legal cases mount following the Terra-Luna collapse. The High Court dismissed his claim, ruling that the developer was within its rights to keep the deposit after the purchase fell through.
The upshot is:
The property in question, a 7,600-square-foot Orchard Road duplex valued at S$38.8M, was intended to be Kwon’s showcase asset before the 2022 TerraUSD and Luna collapse, which wiped more than $40Bn in investor wealth.
Kwon and his wife signed to buy the penthouse in 2022, paying nearly half the price upfront through option fees and rental agreements of around S$40,000 a month.
When they failed to complete the deal by mid-2023, the developer resold the unit for S$34.5M while holding the deposit.
He was eventually caught in Montenegro
With a fake passport.
From crypto’s golden boy with a $40B empire.
To international fugitive.
That’s the insane rise & fall of Do Kwon. pic.twitter.com/eWpdNbhELO
— cyloBuilds (@cyloBuilds_) September 7, 2025
Kwon argued the forfeiture was unlawful, but the court sided with the developer. While it rejected a side claim for extra repairs, the judge ordered Kwon to cover legal fees and additional rent.
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This setback adds to a long list of legal troubles. In August 2025, Kwon pled guilty to conspiracy and wire fraud in the United States, forfeiting $19.3M in assets and multiple properties. Sentencing will take place on December 11.
5/
꩜ Terra Luna – $50B scam꩜ Collapsed in May 2022, lost $50B in 3 days
꩜ Anchor protocol promising high yields to UST holders triggered the downfall pic.twitter.com/es0on1otP0
— Blink (@0x_blink) September 4, 2025
At the same time, Singapore investors have launched suits seeking up to $90 million, alleging that Kwon and the Luna Foundation misled the market during the Terra crash. His downfall is in the same kind of epic collapse as Sam Bankman-Fried; both figures who built billion-dollar platforms only to end up in court.
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Do Kwon really is a lesson that a fight over tokens will spill into real estate, personal assets, and courtrooms around the world. It also showcases that unchecked power in crypto is giving way to tighter scrutiny from both regulators and investors.
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The post Singapore Denies Do Kwon’s $14M Refund Demand For ‘Stolen’ Penthouse appeared first on 99Bitcoins.
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