JONATHAN KUPETZ & 274 Ors v TERRAFORM LABS PTE. LTD. & 2 Ors

[2026] SGHC(I) 9 Singapore International Commercial Court 29 June 2026 SIC/OA 3/2024 185 min read

14 cases cited (12 SG, 2 foreign) Cited by 1 case

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Key facts

Court	Singapore International Commercial Court
Decided	29 June 2026
Judge	Anselmo Reyes
Charges / claim	Tort, Damages
Counsel	Oon & Bazul LLP, Han Guangyuan Keith, Teo Jin Yun Germaine

Source: [2026] SGHC(I) 9, Singapore International Commercial Court, decided 29 June 2026 — eLitigation. Updated 10 July 2026.

Catchwords

Tort — Misrepresentation — Fraud and deceit Damages — Measure of damages — Tort — Reliance measure of damages for tort of deceit

Practice Areas

Tort Damages

Judges (1)

Anselmo Reyes Delivered

Counsel (3)

Oon & Bazul LLP Firm Han Guangyuan Keith Counsel for the second defendant Teo Jin Yun Germaine Counsel for the second defendant

Parties (44)

Luna Foundation Guard Ltd Defendant Terraform Labs Pte Ltd Defendant

Aaron Quigley-Clarke Represented Claimant

Adam Walshe Represented Claimant

Aidan Lindsay Fenner Rich Represented Claimant

Alberto Grimaudo Represented Claimant

Bernhard Alexander Friedrich Frey Represented Claimant

Bharat Nathubhai Patel Represented Claimant

Brian Patrick Cavers Represented Claimant

Cameron Thomas Windross Represented Claimant

Charles Lee Teague Represented Claimant

Chung Ee Yen Ian Represented Claimant

Clarence Khoo Boo Hock Represented Claimant

Cocosatu Mihai Represented Claimant

Dennis Thoft Represented Claimant

Ekow Eshun Represented Claimant

Foo Wei Qiang, Desmond Represented Claimant

Fredrick William Phillips Represented Claimant

Gary Koh Boon Thong Represented Claimant

Jeremy Chi-Mun Lau Represented Claimant

Jonathan Kupetz Claimant

Karen Soo Kyung Moon Represented Claimant

Kwon Do Hyeong Defendant

Lam Chung Fan Represented Claimant

Liam Spagnol Represented Claimant

Lim Xianlong, Kevin Represented Claimant

Mark Eric Burrell Represented Claimant

Matthew James Mezger Represented Claimant

Michael Eli Leidner Represented Claimant

Neo Ming Feng Represented Claimant

Owen Vernon Henry Represented Claimant

Peter Mrekaj Represented Claimant

Piotr Augustynowicz Represented Claimant

Ren Qingwen Represented Claimant

Seat Chun Boon Represented Claimant

Surachai Poopisit Represented Claimant

Tan E-Wen Timothy Represented Claimant

Thor Robert Kiessling Represented Claimant

Tiffany Laura Gourley Represented Claimant

Tobias Speerschneider Represented Claimant

Trent Cooper Represented Claimant

Ximena Andrea Besnier Galvez Represented Claimant

Yanni Lin Represented Claimant

Yuji Hoshi Represented Claimant

Case Significance

In Kupetz, Jonathan and others v Terraform Labs Pte Ltd and others ([2026] SGHC(I) 9), Anselmo Reyes IJ of the Singapore International Commercial Court delivered judgment on 29 June 2026 in Originating Application No 3 of 2024, a representative action brought by 275 claimants — led by Jonathan Kupetz — against three defendants: Terraform Labs Pte Ltd, Mr Kwon Do Hyeong, and Luna Foundation Guard Ltd. The claim, framed in tort for misrepresentation and fraud and deceit and seeking damages on a reliance basis, was heard over dates spanning 9–11 March, 20–29 April and 18–21 May 2026. The judgment cites 14 authorities, 12 of them Singapore decisions and 2 foreign.

[2026] SGHC(I) 9 explained

JONATHAN KUPETZ & 274 Ors v TERRAFORM LABS PTE. LTD. & 2 Ors ([2026] SGHC(I) 9) is a Singapore judgment decided by the Singapore International Commercial Court on 29 June 2026. It is categorised under Tort and Damages. Within this corpus it has since been cited by 1 other reported Singapore judgment, a measure of how often later decisions have referred to it. This page summarises what the reported decision covers and links the primary sources — the full judgment, the statutes it cites, and the other cases it engages with — so the decision can be read in context. It is reference information, not legal advice, and it does not state the outcome or any holding beyond what the official judgment records.

What is [2026] SGHC(I) 9 about?

JONATHAN KUPETZ & 274 Ors v TERRAFORM LABS PTE. LTD. & 2 Ors ([2026] SGHC(I) 9) is a Singapore International Commercial Court decision from 2026. Its published catchwords are “Tort — Misrepresentation — Fraud and deceit” and “Damages — Measure of damages — Tort — Reliance measure of damages for tort of deceit”, which indicate the subject matter the judgment addresses. The full reasoning and orders are in the judgment itself, linked below.

What earlier Singapore cases does [2026] SGHC(I) 9 cite?

Among the in-corpus authorities it refers to are [2026] SGCA(I) 1, [2025] SGHC 217, and [2025] SGHC(I) 17. The complete list of cases cited, and of later cases that cite this decision, is shown on this page.

How influential is [2026] SGHC(I) 9?

Within this corpus, [2026] SGHC(I) 9 has been cited by 1 later reported Singapore judgment. That count reflects references from other decisions held in this corpus only and is a conservative lower bound on how often the case has actually been cited.

How many claimants sued Terraform Labs and Kwon Do Hyeong in [2026] SGHC(I) 9, and on what basis?

In Originating Application No 3 of 2024, 275 claimants led by Jonathan Kupetz sued Terraform Labs Pte Ltd, Kwon Do Hyeong and Luna Foundation Guard Ltd in tort for misrepresentation and fraud and deceit, seeking damages on a reliance measure; Anselmo Reyes IJ delivered judgment on 29 June 2026.