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- 📢 Gate Square Ambassador Recruitment is Now Open! 🔥
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The Singapore High Court rejected Do Kwon's request for a refund of the Penthouse apartment deposit.
Do Kwon, co-founder of Terraform Labs, has just lost a lawsuit in the Singapore Supreme Court in an effort to reclaim 14.2 million USD in a deposit for a penthouse worth 38.8 million USD at Sculptura Ardmore. The court ruled that the developer SC Global has the right to hold this amount after the deal failed, emphasizing the binding nature of contracts in large transactions.
The ruling is seen as part of a global trend of tightening legal oversight on cryptocurrency founders following the Terra collapse, but it does not directly impact the Terra ecosystem or related tokens like LUNA. The market reacted quite indifferently as the incident is unrelated to the funds of Terraform Labs. Currently, both Do Kwon, Terraform Labs, and SC Global have not made any comments, reflecting the silence of the parties involved regarding this decision.