Do Kwon loses bid to recover $14.2M Singapore penthouse deposit

Terraform Labs founder Do Kwon has lost a legal bid to recover a 19.6 billion won (approx. $14.2 million) deposit for a penthouse in Singapore after the nation's High Court dismissed his claim, local media outlet Singapore Law Watch reported. Kwon had paid roughly half the purchase price for a 39.2 billion won penthouse before the collapse of the Terra-Luna ecosystem in 2022. The property developer later confiscated the payment, prompting Kwon to file a lawsuit through his wife to reclaim the funds. Kwon was indicted in the U.S. in 2023 on nine charges related to the collapse, which is estimated to have caused around $40 billion in investor losses. His trial is scheduled to begin on Dec. 11.