TechFlow news, September 6 — According to The Straits Times, Do Kwon, co-founder of the now-defunct blockchain firm Terraform Labs, sought to recover about 50% of the purchase payment for a penthouse apartment on Orchard Road in Singapore, but his claim was dismissed by the Singapore High Court. Five months before the collapse of his cryptocurrencies TerraUSD and Luna in 2022, Do Kwon had set his sights on a unit at Sculptura Ardmore, a development valued at S$38.8 million. He selected a 7,600-square-foot duplex four-bedroom penthouse on the 19th floor—one of only three penthouses in the project. Do Kwon paid an option fee and subsequent payments totaling approximately S$19.4 million, nearly half of the purchase price. However, he ultimately failed to complete the purchase, and the apartment was later resold for S$34.5 million. Although the developer reportedly forfeited Do Kwon’s payments, Do Kwon argued that the forfeiture was invalid and instructed his wife to file a lawsuit at the Singapore High Court. His application was rejected on July 26.
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