Do Kwon’s $15M Ardmore Penthouse Payment Claim Denied

A Singaporean bankruptcy court has rejected a claim by Do Kwon, the co-founder of Terraform Labs, for a $15 million payment related to a luxury apartment located in Ardmore Park. This case unfolds as Kwon faces criminal charges in both the United States and South Korea regarding the collapse of TerraUSD and Terra (LUNA). Kwon filed his claim as an unsecured creditor in Terraform Labs’ Singapore bankruptcy proceedings. However, the court judge determined that his claim was insufficiently supported by evidence. The claim alleges that the funds, supposedly intended as a payment for an apartment in Ardmore Park, were improperly diverted to his lawyer. Terraform Labs’ attorneys argue that these funds should be considered part of the company’s recoverable assets for compensating creditors. They further contend that Kwon has not provided adequate proof to substantiate that the payment was indeed for a luxury apartment. Prosecutors in South Korea have previously asserted that Kwon transferred illicit funds to close associates and lawyers prior to Terra’s downfall. They are also investigating whether these funds were used for money laundering or other unlawful activities. The fate of the luxury Ardmore Park apartment remains uncertain, as creditors continue to pursue the recovery of assets lost due to the Terra collapse. Kwon remains in custody in Montenegro and is engaged in a legal battle against extradition to both the United States and South Korea. He faces multiple criminal charges in both countries, including fraud and securities law violations. The legal proceedings related to the Terra collapse are expected to continue for some time, with creditors facing significant challenges in recovering their lost assets.