Failed against Do Kwon: A court in Singapore rejected Do Kwon's claim to recover the deposit of USD 14.2 million he paid for a luxurious penthouse located on Orchard Road. According to the court, the deposit was legally withheld by the developer after his failure to complete the purchase within the agreed timeframe.
Key detail:
Kwon had paid half of the price (approximately S$19.4 million) as a deposit and option fees, but he did not fulfill the completion of the purchase.
As a result, the developer legally reserved the deposit and sold the property to another buyer.
The court dismissed Kwon's subsequent appeals and denied the reimbursement. It also ordered him to cover legal costs.
Broader context: This ruling adds to the multiple legal difficulties Kwon faces. This includes his guilt in U.S. courts for fraud in the collapse of Terra/Luna, and his extradition after a period as a fugitive.
Implications and context
Symbolic and reputational sum: Although USD 14.2 million is a smaller part compared to other losses, the ruling underscores that even his personal assets are being affected by firm judicial decisions.
Attack on his credibility: In addition to the collapse of the Terra ecosystem, the refusal to recover this deposit adds financial pressure and strengthens the perception that Kwon is losing support on multiple fronts.
Sequence of legal consequences: This ruling comes as Kwon faces future sentencing hearings in the U.S., where he faces up to 25 years in prison—although prosecutors have agreed not to ask for more than 12 if he cooperates and complies with the terms of the agreement.
A court in Singapore denied the return of Kwon's deposit, adding another legal setback to his current situation.
The ruling reinforces pressure on his estate as his charges and criminal convictions are refined in international courts.
