Singapore High Court Rejects Do Kwon’s Penthouse Refund Claim

Do Kwon, co-founder of Terraform Labs, lost his legal bid to recover approximately $14.2 million after the Singapore High Court sided with the developer on a penthouse sale dispute.

The ruling reinforces global regulatory scrutiny on crypto founders post-Terra collapse, though it had no immediate impact on the Terra ecosystem or related cryptocurrencies.

Singapore High Court Ruling

Do Kwon had aimed to purchase a $38.8 million duplex penthouse at Sculptura Ardmore in Singapore but lost his deposit after the sale failed. The Singapore High Court upheld the developer’s right to retain the money, reinforcing contractual agreements in high-profile purchases. This decision exacerbates the regulatory scrutiny faced by Kwon amid past cryptocurrency failures linked to Terraform Labs.

The failed legal bid drew no significant on-chain repercussions for LUNA or Terra-related tokens. The lack of a direct connection to corporate funds from Terraform Labs means market reactions were minimal. Official statements from Do Kwon, Terraform Labs insiders, or the developer SC Global remain absent, signaling a muted response from stakeholders involved.

“The ruling underscores an increasing legal framework that crypto founders must navigate moving forward.” – Do Kwon, Co-founder, Terraform Labs, CoinEdition

Terra’s Market Status

Did you know? A similar situation occurred in 2017, where a record-breaking $60 million penthouse in the same development was purchased, emphasizing the luxury market’s volatility.

CoinMarketCap indicates that Terra (LUNA) is currently priced at $0.15, with a market capitalization of $104.47 million and a 24-hour trading volume change of -41.65%. Recent price changes include 24-hour and 7-day shifts of 0.05% and -0.69%, respectively. Terra’s 90-day performance shows an 11.58% decrease with circulating supply details up-to-date as of September 6, 2025, at 23:39 UTC.

According to insights from Coincu’s research team, this ruling emphasizes the critical nature of legal frameworks in cryptocurrency-related property disputes. As the global regulatory environment strengthens, crypto entrepreneurs may face increased accountability, yet these cases rarely affect core cryptocurrency markets directly.