Terraform Labs Do Kwon's pursuit of S$19.4 million was rejected by the court

Odaily Planet Daily News According to Lianhe Zaobao, the co-founder of the bankrupt blockchain company Terraform Labs, Do Kwon, asked about 50% of the purchase price of a penthouse on Orchard Road, Singapore, but was rejected by the Singapore High Court. Five months before its cryptocurrencies TerraUSD and Luna collapsed in 2022, Do Kwon had set his sights on the Sculptura Ardmore apartment worth S$38.8 million. It selected a 7600-square-foot duplex four-bedroom penthouse on the 19th floor of the project, one of only three penthouses on the project. Do Kwon paid about S$19.4 million in option fees and follow-up payments, almost half of the purchase price. But the purchase was ultimately failed to be completed and the apartment was eventually resold for S$34.5 million. While the developer allegedly confiscated the payments paid by Do Kwon, Do Kwon argued that the forfeiture was invalid and entrusted his wife to file a lawsuit in the Singapore High Court. Do Kwon’s application was rejected July 26.