Mo.bi - Crypto Currency Tracker logo Mo.bi - Crypto Currency Tracker logo
Cryptoknowmics 2022-05-20 09:50:42

OpenSea disables Bored Ape NFT amid legal case in Singapore

Due to an ongoing court dispute in Singapore, OpenSea has disabled trading for a non-fungible token issued by the Bored Ape Yacht Club (BAYC). On OpenSea, the world’s largest NFT marketplace, the item in question, BAYC #2162, has been tagged as “flagged for suspicious behaviour.” This marking makes it impossible for the present owner to sell the NFT. Prospective purchasers are also unable to make offers on the product. OpenSea disables Bored Ape NFT amid legal case in Singapore By @OsatoNomayo https://t.co/YzF48Vu4Al — The Block (@TheBlock__) May 20, 2022 According to a court filing and a statement from Singaporean legal firm Withers KhattarWong, an individual named Rajesh Ramkumar was able to obtain an injunction from the Singapore High Court halting the sale when a loan agreement with pseudonymous NFT collector chefpierre. Eth soured. According to the law firm, all parties agreed to an NFT loan on March 19, followed by a refinancing arrangement a month later. This transaction took place on NFTfi, a platform for NFT lending. According to the law firm’s statement, Rajkumar utilized BAYC #2162 as collateral for the loan, with both parties agreeing on an extended clause for the refinanced loan. Although the plaintiff was unable to repay the debt by the due date, he still had the option of extending the repayment period as previously negotiated. Chefpierre, according to Withers, did not honor the extension arrangement and instead...

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.