"Do Kwon seeks return of 20 billion won penthouse deposit…Singapore court dismisses"

'Terra·Luna' collapse central figure Do Kwon sought the return of S$19.4 million (about 20.9 billion won) paid during the purchase process of a luxury penthouse in Singapore, but it was reported that the local court dismissed the claim.

According to local outlet Singapore Law Watch on the 6th, Do Kwon pursued the purchase of the 19th-floor penthouse at 'Sculptura Ardmore' near Orchard Road shortly before the 2022 TerraUSD and Luna collapse. The asking price for the property was S$38.8 million, and Do Kwon paid S$19.4 million—including option fees and deposits, roughly half—but the sale never closed. The property was later resold to a third party for S$34.5 million.

Do Kwon filed a lawsuit in his wife's name arguing that the developer's forfeiture of the deposit was unfair, but on July 26 the Singapore High Court dismissed the case. In a lease-related dispute, the court did not accept the developer's claim for S$90,000 in repair costs, instead awarding only an additional one month's rent of S$40,000 and some legal costs.

Previously, Do Kwon pleaded guilty in New York last month to fraud related to the TerraUSD collapse and agreed to a settlement that included $19.3 million and the forfeiture of some real estate. Do Kwon's final sentencing is scheduled for December 11. He also faces a damages lawsuit in the Singapore International Commercial Court, together with the Luna Foundation Guard, from 366 investors seeking up to $90 million.