OpenSea Disables Bored Ape NFT Amid Court Case in Singapore
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OpenSea has disabled a Bored Ape NFT from its platform amid a legal case in Singapore.
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The Bored Ape Yacht Club (BAYC) NFT on the OpenSea platform is currently tagged “reported for suspicious activity.”
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This development prevents the owner of this NFT from listing it for sale and buyers from making offers for the NFT.
The world’s largest Non-Fungible Token (NFT) marketplace, OpenSea, has disabled trading for a Bored Ape NFT on its platform.
The affected NFT, BAYC #2162, is now tagged, “reported for suspicious activity” on the trading platform.
It all started when an injunction was obtained by a man, Rajesh Rajkumar, from the high court in Singapore to block the sale of the NFT, belonging to a collector with the pseudonym, chefpierre.eth.
From Rajkumar’s law firm, it was gathered that both parties entered an NFT loan agreement deal on March 19th, 2022.
A month later, this deal was immediately followed by another refinancing deal on an NFT lending platform, NFTfi.
One of Rajkumar’s BAYC collections, (BAYC #2162) was used as collateral for the loan deal and it was transferred to NFTfi’s escrow account as part of the refinancing agreement.
Things went south when Rajkumar was unable to keep to the agreement of paying back the loan when due.
Even though he still had an option to extend the deadline as contained in their agreement, the defendant went on to transfer the NFT to his personal Ethereum wallet. After that, he listed the collectible for sale on OpenSea.
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Reacting to e development, OpenSea disabled trading of this NFT, and released a statement narrating the incident.
In the statement, a representative of OpenSea said that the company prohibits users from transferring or selling stolen NFTs or collectibles procured fraudulently.
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