The first-generation disruptor of the stablecoin industry, Do Kwon, is fighting for his rights to recover the funds for his house purchase

This article is from: Business Times

Compiled by: Azuma, Odaily Planet Daily

Editor's Note: The man who once stirred the world of stablecoins 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, the algorithmic stablecoin UST launched by Do Kwon 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 vanished like a bubble. Today, Do Kwon is facing multiple fraud charges in the U.S., 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.

The following are the details of the story published by Business Times, citing Singapore's local media Lianhe Zaobao, and compiled by Odaily Planet Daily.

Business Times cited Lianhe Zaobao, stating 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 in Sculptura Ardmore, which is about 7,600 square feet (approximately 706 square meters), 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 approximately 19.4 million Singapore dollars (including option fees and subsequent payments), which is nearly 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 payments made 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.

In addition, Do Kwon and his wife had also signed a 16-month lease with the developer (from February 2022 to June 2023), with a monthly rent of 40,000 Singapore dollars, prepaying a total of 640,000 Singapore dollars, and made extensive renovations to 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, terminating the transaction, and all paid amounts 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 her of breach of contract, demanding that Do Kwon and his wife pay another month's rent and claiming 90,000 Singapore dollars in repair costs. High Court Judge Philip Jeyaretnam dismissed SC Global's repair claims but ruled that Do Kwon and his wife must pay another month's rent of 40,000 Singapore dollars and related legal fees.