A Crypto King Loses a $15M Penthouse Gambit Amid Legal Ruin

The Singapore High Court has dismissed Terraform Labs co-founder Do Kwon’s legal claim to recover a $15.1 million (S$19.4 million) down payment he made for a luxury penthouse at the Sculptura Ardmore complex in the city-state. The court ruled that the payment was forfeited due to Kwon’s failure to finalize the purchase amid ongoing legal and criminal proceedings against him. The decision aligns with the broader collapse of Kwon’s Terra and Luna cryptocurrency projects in 2022, which triggered a $40 billion loss for investors globally.

Kwon, who had previously leased the four-bedroom penthouse from February 2022 to June 2023 at a monthly rate of $31,150 (S$40,000), paid S$19.4 million upfront—equivalent to 50% of the property’s purchase price. His wife, who had occupied the unit, attempted to exercise the purchase option on May 17, 2023, with a required payment of $778 (S$1,000). However, the transaction was never completed, and the lease and purchase option expired by June 2023. Despite staying in the property for an additional month, Kwon’s wife was not able to retain possession, and the developer retained the down payment as a result of the court’s ruling [1].

The developer of Sculptura Ardmore, SC Global, had claimed an additional month’s rent and repair costs, but the High Court rejected the repair claim. However, it did award the developer an extra $40,000 (S$60,000) in rent for the month Kwon’s wife overstayed the lease. The court found her in breach of contract, though it did not impose further penalties. The property was eventually resold for S$34.5 million, slightly below its original asking price [2].

Kwon has faced a series of legal challenges in the United States and South Korea related to the Terra and Luna collapse. In August 2025, he pleaded guilty to conspiracy and wire fraud in the U.S. and is scheduled for sentencing on December 11. As part of the plea deal, he agreed to forfeit $19.3 million and several properties. This case marks one of the largest cryptocurrency-related fraud convictions to date and underscores the increasing legal and regulatory scrutiny of the crypto space [2].

The Sculptura Ardmore development, launched in 2012 and completed in 2014, has long been a symbol of luxury in Singapore’s skyline. The complex is home to only three penthouses, with the Kwon property being one of the most exclusive. The complex has previously seen high-profile transactions, including a 2017 sale to Facebook co-founder Eduardo Saverin for S$60 million [1].

Kwon’s legal and financial setbacks mirror the broader volatility and challenges in the cryptocurrency market, particularly in the wake of high-profile collapses like Terra and Luna. The ruling in Singapore highlights the difficulty for crypto entrepreneurs to maintain high-value assets in the face of criminal and regulatory pressures. It also reflects the growing legal enforcement of real estate contracts, especially in a market where property purchases are frequently linked to personal wealth and legal status [2].

Source:

[1] Do Kwon's Claim for $15M Luxury Ardmore Penthouse Deposit (https://decrypt.co/338482/do-kwons-15m-luxury-ardmore-penthouse-deposit)

[2] Terraform Labs co-founder Do Kwon's claim for S$19.4 million Ardmore Penthouse payment rejected (https://www.businesstimes.com.sg/wealth/crypto-alternative-assets/terraform-labs-co-founder-do-kwons-claim-s19-4-million-ardmore-penthouse-payment-rejected)

[3] Dyson owner forks out S$73.8m for Singapore's costliest condo (https://www.thepeakmagazine.com.sg/lifestyle/dyson-owner-singapore-most-expensive-penthouse)