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Singapore Court Rejects Do Kwon’s Bid to Reclaim S$19 Million Penthouse Payment

Singapore Court Rejects Do Kwon’s Bid to Reclaim S$19 Million Penthouse Payment

The Singapore High Court upheld the forfeiture of $15.1 million paid by Terraform Labs founder Do Kwon for a luxury penthouse, rejecting additional claims for rent and repairs.

Fact Check
The evidence strongly and consistently confirms the statement. Multiple sources explicitly report that a Singapore court rejected Do Kwon's bid to reclaim a payment for a penthouse. The S$19 million figure is consistent with the amounts cited in the articles (e.g., $14.2M USD, 20 billion KRW) after currency conversion.
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Summary

The Singapore High Court ruled that Do Kwon, founder of Terraform Labs, could not reclaim the $15.1 million paid as a deposit for a luxury penthouse. Kwon's legal attempt to recover the funds after failing to finalize the transaction due to criminal charges was dismissed, though he was awarded one additional month's rent. The property was later resold for $26.87 million.

Terms & Concepts
  • Forfeiture: The loss of money or property as a penalty for failing to meet legal obligations, such as completing a purchase.
  • High Court of Singapore: The superior court in Singapore’s judiciary that handles major civil and criminal cases, including commercial disputes.
  • Terraform Labs: The blockchain company co-founded by Do Kwon, known for developing the Terra stablecoin ecosystem.