JULIAN MORENO BELTRAN & 9 Ors v TERRAFORM LABS PTE. LTD. & 2 Ors

Q: Which legislation does [2025] SGHC(I) 17 consider?

The judgment refers to Arbitration Act (Cap 10), Evidence Act (Cap 97), International Arbitration Act (Cap 143A), and International Arbitration Act (Cap 10). The statutes cited are listed in full on this page, each linking to its primary text.

[2025] SGHC(I) 17 Singapore International Commercial Court 7 July 2025 • SIC/OA 3/2024 • 123 min read

10 cases cited (9 SG, 1 foreign) Cited by 2 cases

Outcome

Claim dismissed

I therefore dismiss the claim for unlawful means conspiracy.

Source: [2025] SGHC(I) 17, Singapore International Commercial Court, decided 7 July 2025. Read directly from the judgment.

Key facts

Court	Singapore International Commercial Court
Decided	7 July 2025
Judge	Anselmo Reyes
Charges / claim	Damages, Contract, Tort
Outcome	Claim dismissed
Counsel	Drew & Napier LLC, Oon & Bazul LLP, WongPartnership LLP, Ee Yong Chun Bernard, Han Guangyuan Keith, Loh Renn Lee Daniel, Mahesh Rai s/o Vedprakash Rai, Paul Loy Chi Syann, Samuel Navindran, Samuel Soo Kuok Heng, Tammie Khor, Tan Chee Meng, Teo Jin Yun Germaine, Yii Li-Huei Adelle, Yong Wei Jun Jonathan

Source: [2025] SGHC(I) 17, Singapore International Commercial Court, decided 7 July 2025 — eLitigation. Updated 25 June 2026.

Catchwords

Damages — Measure of damages — Tort — Reliance measure of damages for tort of fraud and deceit Contract — Offer — Indefinite number of people — Unilateral contractual offer addressed to world at large Contract — Contractual terms — Warranties — Whether clause disclaiming warranties was validly incorporated into contractual bargain Tort — Misrepresentation — Inducement — Whether representation was a cause materially inducing representee into transacting in reliance Damages — Mitigation — Tort — Application of rule that representee must reasonably mitigate damage flowing from fraudulent misrepresentation Tort — Misrepresentation — Fraud and deceit — Whether representation properly construed constitutes actionable false representation of present fact

Practice Areas

Damages Contract Tort

Judges (1)

Anselmo Reyes Delivered

Counsel (15)

Drew & Napier LLC Firm Oon & Bazul LLP Firm WongPartnership LLP Firm Ee Yong Chun Bernard Counsel Defendant Han Guangyuan Keith Counsel Defendant Loh Renn Lee Daniel Counsel Applicant Mahesh Rai s/o Vedprakash Rai Counsel Applicant Paul Loy Chi Syann Counsel Defendant Samuel Navindran Counsel Defendant Samuel Soo Kuok Heng Counsel Applicant Tammie Khor Counsel Applicant Tan Chee Meng Counsel Defendant Teo Jin Yun Germaine Counsel Defendant Yii Li-Huei Adelle Counsel Defendant Yong Wei Jun Jonathan Counsel Applicant

Parties (13)

Luna Foundation Guard Ltd Defendant Terraform Labs Pte Ltd Defendant Andrew Joseph Che-Bin Lee Applicant Arun Kumar Sivaramavimalamoorthiy Applicant Daniel Davis Applicant Douglas Gan Yi Dong Applicant Julian Moreno Beltran Applicant Kwon Do Hyeong Defendant Mariam binti Nawawi Applicant Phillip Robert Epstein Applicant Ryan Connell Macquisten Applicant Tan Jian Loon Applicant Xue Yao Applicant

Case Significance

[2025] SGHC(I) 17 is a Singapore International Commercial Court decision dated 7 July 2025 concerning Contract, Damages, and Tort, specifically addressing measure of damages, offer, and contractual terms. The judgment was delivered by Anselmo Reyes. The case was brought by Andrew Joseph Che-Bin Lee and others (applicant) against Luna Foundation Guard Ltd and others (respondent). Legal representation was provided by Drew & Napier LLC and Oon & Bazul LLP. The judgment cites 10 cases (9 Singapore, 1 foreign) and references 3 statutory provisions, including the Arbitration Act, the Evidence Act, and the International Arbitration Act. This decision has been cited by 1 subsequent judgment in the dataset.

[2025] SGHC(I) 17 explained

JULIAN MORENO BELTRAN & 9 Ors v TERRAFORM LABS PTE. LTD. & 2 Ors ([2025] SGHC(I) 17) is a Singapore judgment decided by the Singapore International Commercial Court on 7 July 2025. It is categorised under Damages, Contract, and Tort. Within this corpus it has since been cited by 2 other reported Singapore judgments, 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 [2025] SGHC(I) 17 about?

JULIAN MORENO BELTRAN & 9 Ors v TERRAFORM LABS PTE. LTD. & 2 Ors ([2025] SGHC(I) 17) is a Singapore International Commercial Court decision from 2025. Its published catchwords are “Damages — Measure of damages — Tort — Reliance measure of damages for tort of fraud and deceit”, “Contract — Offer — Indefinite number of people — Unilateral contractual offer addressed to world at large”, “Contract — Contractual terms — Warranties — Whether clause disclaiming warranties was validly incorporated into contractual bargain”, and “Tort — Misrepresentation — Inducement — Whether representation was a cause materially inducing representee into transacting in reliance”, which indicate the subject matter the judgment addresses. The full reasoning and orders are in the judgment itself, linked below.

Which legislation does [2025] SGHC(I) 17 consider?

The judgment refers to Arbitration Act (Cap 10), Evidence Act (Cap 97), International Arbitration Act (Cap 143A), and International Arbitration Act (Cap 10). The statutes cited are listed in full on this page, each linking to its primary text.

How influential is [2025] SGHC(I) 17?

Within this corpus, [2025] SGHC(I) 17 has been cited by 2 later reported Singapore judgments. 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.

Summary

In the first representative action before the SICC, 10 representative claimants representing 356 others sued Terraform Labs, its co-founder Kwon Do Hyeong, and Luna Foundation Guard for losses from the collapse of UST/LUNA cryptocurrencies. The court found Terraform liable for fraudulent misrepresentation regarding UST's stability mechanism and awarded damages to seven claimants totaling approximately US$3 million, but dismissed claims based on breach of unilateral contract and negligent misrepresentation.

What was decided in [2025] SGHC(I) 17?

[2025] SGHC(I) 17 (JULIAN MORENO BELTRAN & 9 Ors v TERRAFORM LABS PTE. LTD. & 2 Ors) is a Singapore International Commercial Court decision from 7 July 2025 addressing Contract, Damages, and Tort, specifically measure of damages, offer, and contractual terms. The judgment was delivered by Anselmo Reyes.

Who were the parties in JULIAN MORENO BELTRAN & 9 Ors v TERRAFORM LABS PTE. LTD. & 2 Ors ([2025] SGHC(I) 17)?

The applicant in [2025] SGHC(I) 17 was Andrew Joseph Che-Bin Lee, Arun Kumar Sivaramavimalamoorthiy, and the respondent was Luna Foundation Guard Ltd, Terraform Labs Pte Ltd. Legal representation included Oon & Bazul LLP and Drew & Napier LLC. The case was decided on 7 July 2025 in the Singapore International Commercial Court.

Which judge decided [2025] SGHC(I) 17?

[2025] SGHC(I) 17 was delivered by Anselmo Reyes in the Singapore International Commercial Court on 7 July 2025. The case concerned Contract, Damages, and Tort.

What cases and statutes does [2025] SGHC(I) 17 cite?

[2025] SGHC(I) 17 cites 10 prior decisions, including 1 from foreign jurisdictions. It references Arbitration Act, Evidence Act, International Arbitration Act. The decision has itself been cited by 1 subsequent judgment.

Statutes Cited

Arbitration Act (Cap 10) Cases on this Act →

Evidence Act (Cap 97) Cases on this Act →

International Arbitration Act (Cap 143A) Cases on this Act →

s 6(1)

Cases Cited (10)

SLR (9)

[1996] 3 SLR(R) 637 [2001] 2 SLR(R) 435 [2003] 3 SLR(R) 307 [2011] 1 SLR 391 [2013] 3 SLR 801 [2015] 2 SLR 686 [2018] 2 SLR 110 [2024] 1 SLR 524 [2024] 4 SLR 674

UK (1)

[1969] 2 QB 158