Singapore Rejects Do Kwon’s $14M Claim for ‘Theft’ of Penthouse
Do Kwon, co-founder of Terraform Labs, recently faced a setback in court, losing a legal battle over a failed luxury penthouse transaction in Singapore valued at $14 million, as he grapples with increasing global legal challenges following the Terra-Luna collapse. The High Court ruled against him, stating that the developer had every right to retain the deposit after the deal failed to materialize.
In summary:
- Do Kwon is now officially facing trial.
- What started as a potential 135-year sentence may be reduced to 12 years; however, the judge suggests a 25-year term.
- Despite the court’s decision against him, his sentence may still be less severe than that of SBF.
The property involved, a 7,600-square-foot duplex on Orchard Road worth S$38.8 million, was meant to showcase Kwon’s portfolio before the 2022 collapse of TerraUSD and Luna, which resulted in a wrecked of over $40 billion for investors.
What Led to the Court’s Ruling Against Do Kwon of Terra Luna?
He was ultimately apprehended in Montenegro
With a forged passport.
From crypto’s revered figure with a $40 billion empire.
To a global fugitive.
This illustrates the dramatic rise and fall of Do Kwon. pic.twitter.com/eWpdNbhELO
— cyloBuilds (@cyloBuilds_) September 7, 2025
Kwon claimed that the forfeiture was illegal; however, the court ruled in favor of the developer, rejecting a secondary claim for additional repairs and ordered Kwon to pay for legal fees and extra rent.
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Cross-Border Legal Issues: When Will Kwon Face Consequences?
This wrecked adds to Kwon’s already extensive list of legal problems. In August 2025, he pled guilty to conspiracy and wire fraud in the U.S., forfeiting $19.3 million in assets and several properties. Sentencing is scheduled for December 11.
5/
꩜ Terra Luna – $50 billion fraud꩜ Collapsed in May 2022, resulting in a $50 billion loss within three days
꩜ The Anchor protocol, which promised high returns for UST holders, initiated the downfall pic.twitter.com/es0on1otP0
— Blink (@0x_blink) September 4, 2025
Simultaneously, investors from Singapore have filed lawsuits seeking up to $90 million, claiming that Kwon and the Luna Foundation misrepresented the trading market during the collapse of Terra. His downfall mirrors that of Sam Bankman-Fried, both having constructed billion-dollar enterprises only to find themselves in legal troubles.
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Wider Implications for Crypto Regulation and Accountability
Do Kwon’s situation serves as a reminder that disputes over digital currency can extend into real estate, personal property, and global courtrooms. It highlights the trend of increasing scrutiny from regulators and investors over unchecked power in the crypto space.
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Key Takeaways
- Terraform Labs co-founder Do Kwon has experienced a defeat in his effort to regain S$19.4 million (≈$14.2 million) from a failed luxury property transaction in Singapore.
- This latest loss adds to a growing list of legal issues. Kwon pled guilty in August 2025 to conspiracy and wire fraud.
The post Singapore Denies Do Kwon’s $14M Refund Demand For ‘Stolen’ Penthouse appeared first on 99Bitcoins.
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