The Singapore High Court has ruled against Do Kwon, co-founder of the defunct blockchain company Terraform Labs, in his attempt to receive a refund for a penthouse he purchased on Orchard Road. Kwon had initially sought approximately 50% reimbursement from the developer of the property, Sculptura Ardmore, after the collapse of his cryptocurrencies TerraUSD and Luna in 2022. Kwon’s purchase included a 7,600-square-foot penthouse on the 19th floor, one of only three available at the development, which was valued at approximately 38.8 million SGD. The transaction failed to be finalized due to various factors and subsequently, Kwon claimed that the developer had forfeited his payments, leading to a lawsuit through his wife. However, Kwon’s case was denied on July 26.