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Promote with Leviathan NewsTerraform Labs co-founder Do Kwon has lost a long-running legal bid in Singapore to recover a multimillion-dollar payment on a luxury Sculptura Ardmore penthouse off Orchard Road, after failing to complete the purchase in 2023. Court documents show he had agreed to buy a 7,600-square-foot duplex four-bedroom penthouse on the 19th floor, one of only three penthouses in the project, and paid about S$19.4 million (roughly US$14–15 million) in option fees and subsequent payments—nearly half the agreed purchase price. When he did not complete the transaction by the contractual deadline, the sale was terminated, the sums already paid were retained by the developer under the forfeiture provisions, and the unit was later resold for about S$34.5 million. Kwon, acting through his wife, sued in Singapore’s High Court claiming the forfeiture was invalid and seeking to recover the money, but the court dismissed his application on 26 July and confirmed the developer’s right to keep the payments. The judge also ruled on related lease issues: Kwon’s wife had remained in the unit for about a month after the option and lease expired, and the court ordered her to pay an additional month’s rent (about S$40,000) plus legal costs, while rejecting the developer’s claim for some S$90,000 in alleged repair costs. The case adds to Kwon’s mounting legal and financial pressures following the 2022 collapse of the TerraUSD and LUNA ecosystem; he faces fraud-related charges in both the United States and South Korea, and has agreed in a U.S. plea deal to forfeit around US$19 million and certain properties, making the lost Singapore penthouse deposit a significant component of his overall financial exposure.
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