Singapore’s courts have dealt Terraform Labs co-founder Do Kwon two fresh blows in 2026: an award of more than S$3 million to 40 investors over fraudulent UST misrepresentations, and the dismissal of a bid to recover a S$19.4 million deposit on a Sculptura Ardmore penthouse.
According to a June 29 judgment from the Singapore International Commercial Court (SICC), the award concludes the second tranche of a representative fraud action brought by 275 investors who sought compensation for losses suffered during the collapse of the TerraUSD (UST) algorithmic stablecoin in May 2022. The ruling follows the court’s first-tranche decision in 2025, which found that Terraform Labs Pte Ltd — a Singapore-incorporated company — and Do Kwon made actionable fraudulent representations. It also incorporates guidance from the Singapore Court of Appeal’s March 2026 decision, which revised the method for calculating damages by adopting a higher cut-off value of about US$0.60485 per UST, increasing compensation for eligible claimants. More than 366 investors have separately sued Kwon and the Luna Foundation Guard at the SICC, with claims of about US$66 million to US$90 million.
In a separate saga of high-end real estate, the Singapore High Court dismissed Kwon’s attempt — filed through his wife — to recover roughly S$19.4 million paid toward a S$38.8 million penthouse at Sculptura Ardmore along Orchard Road. Five months before the collapse of TerraUSD and Luna in 2022, Kwon had set his sights on a 7,600 sq ft duplex four-bedroom penthouse on the 19th floor of the development, one of only three penthouses there. He paid around 50 per cent of the purchase price through an option fee and subsequent payments, but the deal fell through, the developer retained the money, and the unit was later resold to another party for S$34.5 million. The lawsuit was dismissed on July 26. Notably, Sculptura Ardmore was launched by developer SC Global in 2012, and in 2017 Meta co-founder Eduardo Saverin purchased a penthouse in the same development for S$60 million, then a record for luxury apartments.
The Singapore rulings compound Kwon’s woes after the collapse of the Terra-Luna ecosystem, which erased more than US$40 billion in investor funds. In August 2025, he pleaded guilty in New York to conspiracy and wire fraud in a US prosecution linked to the collapse, agreeing to forfeit about US$19.3 million and some properties, with sentencing moved to December 11. His legal odyssey has spanned Montenegro — where he was arrested in March 2023 at Podgorica airport attempting to board a flight on forged Costa Rican documents — the SEC’s fraud charges, a Manhattan jury’s 2024 securities-fraud verdict, and a US$4.47 billion settlement.
For Singapore, the cases are a reminder of the city-state’s complicated role in the crypto boom: Terraform was incorporated here, and the courts are now among the venues where victims are clawing back what they can. The message from the SICC is clear — fraudulent representations, even in the heady days of algorithmic stablecoins, carry consequences that follow founders across borders and asset classes, from tokens to penthouses.