[Terraform Labs Co-Founder Do Kwon's Claim for S$19.4 Million Payment on Singapore Luxury Property Rejected]
According to a report by Jinse Finance, Singaporean media revealed that Terraform Labs co-founder Do Kwon had set his sights on a S$38.8 million penthouse on Orchard Road in Singapore five months before the collapse of the cryptocurrency he launched. He paid approximately S$19.4 million (50% of the purchase price) as an option fee and subsequent payment. However, the transaction was not completed. It is reported that after Do Kwon's legal troubles, the property developer confiscated the substantial sum. Do Kwon, a South Korean national, argued that the confiscation was invalid and entrusted his wife to file a claim with the Singapore High Court, but the claim was dismissed by Justice Philip Jeyaretnam.
Additionally, Do Kwon and the Luna Foundation Guard were sued by 366 investors in the Singapore International Commercial Court this May, facing claims of approximately $66 million to $90 million.
