The legal battle involving Do Kwon, co-founder of Terraform Labs, gained attention after his refund request for a S$19.4 million penthouse deposit was denied.
Refund Denial
Do Kwon and his wife requested a refund for the penthouse deposit in Singapore, but on July 26, 2025, the court denied their claim. Judge Philip Jeyaretnam emphasized that the developer has the right to retain Kwon's payment due to missed contractual obligations.
Impact on Crypto Market
The court's decision did not affect current cryptocurrency markets, including Ethereum and Bitcoin. Market stability and liquidity flows remained unchanged.
Warning for Crypto Founders
Legal experts note that Kwon's case serves as a warning for crypto founders regarding compliance in property acquisitions. Historical trends indicate the importance of adherence to contractual protocols.
The legal case surrounding Do Kwon highlights the need for compliance with legal norms, particularly for cryptocurrency project founders. His financial losses are separate from Terraform Labs' assets.
