Singapore High Court Injunction Blocks Sale or Transfer of BAYC #2162 NFT – Regulation Bitcoin News

Singapore’s High Court granted an injunction that stops the sale or prevents any Bored Ape Yacht Club non-fungible token (NFT), which one man claims was illegally taken from him.

As Collateral, NFT is Used

An injunction has been issued by a Singapore court to stop the transfer or sale of non-fungible tokens (NFTs) from Bored Ape Yacht Club, (BAYC), that he claimed is his. A report claims that the NFT currently belongs to Chefpierre, an online lender.

Janesh Rajkumar has been identified as the suspect by the Strait Times (ST). He is seeking to recover BAYC 2162 NFT, which he used as security for Chefpierre’s loan. Rajkumar claimed that the NFT had been wrongfully taken.

Famous celebrities have bought large amounts of money for Bored Ape Yacht Club NFTs. After reportedly paying 180 ETH, Madonna became the latest celebrity to own a BAYC nonfungible token.

BAYC’s Rare Attributes

Detailing the NFT’s uniqueness, Rajkumar argued the collection is rare even among BAYC NFTs because it has attributes that enable the holder to create another exclusive series. Leveraging the NFT’s rarity and high value, Rajkumar was able to use the BAYC as collateral when borrowing.

Rajkumar maintained that his agreement with Chiefpierre regarding his loan did not allow him to relinquish ownership of NFT. Rajkumar will inform Chiefpierre if he fails to repay the loan on time. The lender must then provide an extension to the repayment term.

Rajkumar said that Rajkumar mentioned in his argument that the agreement stated that the lender cannot exercise the foreclosure option.

Your thoughts? Please comment below to let us know your thoughts.

Terence Zimwara

Terence Zimwara, a Zimbabwean journalist, writer and author who has been awarded the Zimbabwe Booker Prize. He is a prolific writer on the economic woes of African countries, as well as digital currencies that can be used to provide an escape path for Africans.