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Usha Yadav
May 20, 2022
by Usha Yadav

OpenSea disables Bored Ape NFT amid legal case in Singapore

Bored Ape NFT
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.

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 foreclosed on the debt. The NFT was transferred from the platform's escrow to chefpierre's wallet due to this activity.

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OpenSea Bored Ape NFT
OpenSea disables Bored Ape NFT amid legal case in Singapore
Usha Yadav
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

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