This article is from: Business Times
Translation｜Odaily Planet Daily (@OdailyChina); Translator｜Azuma (@azuma_eth)
Editor’s Note: The man who once stirred the stablecoin world is now embroiled in a legal dispute over the recovery of a home purchase payment.
As one of the most prominent names in the last bull market, Do Kwon's algorithmic stablecoin UST once had a circulation of over ten billion dollars, and his net worth at the peak of LUNA was also measured in "billions." However, everything has dissipated like a mirage. Today, Do Kwon faces multiple fraud charges in the United States, Singapore, and other places. Recently, media reports revealed that he is pursuing a real estate developer for half of the payment made before the collapse of UST for a purchase that ultimately did not go through.
Below are the details of the story published by Business Times, citing Singapore's local media "Lianhe Zaobao," translated by Odaily Planet Daily.
Business Times cites "Lianhe Zaobao" reporting that the Singapore High Court has dismissed a claim initiated by Do Kwon, co-founder of the now-defunct blockchain company Terraform Labs, in which he requested the real estate developer SC Global to refund the payment he made for a luxury penthouse apartment on Orchard Road in Singapore.
Court documents show that five months before the collapse of the cryptocurrency UST and LUNA in 2022, Do Kwon had his eye on a duplex four-bedroom penthouse on the 19th floor of Sculptura Ardmore, which has an area of approximately 7,600 square feet (about 706 square meters), and is one of only three penthouses in the project, valued at 38.8 million Singapore dollars.
It is reported that Do Kwon paid a total of about 19.4 million Singapore dollars (including option fees and subsequent payments), which is almost half of the total price; however, the transaction was not completed, and the apartment was ultimately resold for 34.5 million Singapore dollars.
Sculptura Ardmore is developed by real estate developer SC Global, and the apartment was launched in 2012 and completed in 2014. In 2017, Meta co-founder Eduardo Saverin also spent 60 million Singapore dollars to purchase a penthouse in the project.
It is claimed that SC Global confiscated the amount paid by Do Kwon, but Do Kwon insists that the confiscation is invalid and filed a lawsuit in the Singapore High Court through his wife. However, the related application was dismissed by the Singapore High Court on July 26.
Additionally, Do Kwon and his wife had signed a 16-month lease with the developer (from February 2022 to June 2023), with a monthly rent of 40,000 Singapore dollars, totaling 640,000 Singapore dollars in prepaid rent, and they carried out extensive renovations on the apartment.
On May 17, 2023, Do Kwon authorized his wife to pay 1,000 Singapore dollars to exercise the purchase option, but the transaction was not completed before May 31, 2023. The purchase option and lease both expired on June 22, 2023, the transaction was terminated, and the amounts paid were retained by the developer.
However, Do Kwon's wife continued to reside in the apartment until July 25, 2023, and paid an additional month's rent. SC Global accused them of breach of contract, demanding that Do Kwon and his wife pay another month's rent and claiming 90,000 Singapore dollars for repair costs. High Court Judge Philip Jeyaretnam dismissed SC Global's claim for repairs but ruled that Do Kwon and his wife must pay another month's rent of 40,000 Singapore dollars and related legal fees.
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