A monkey stuck on his ship – A dispute over a loan results in the blocking of an NFT Bored Ape Yacht Club (BAYC) on the platform OpenSea. The latter took measures following an injunction from the Singapore Justice. The owner of the NFT will, for the moment, find it difficult to part with it.
OpenSea has its hands tied in Singaporean justice
NFT Bored Ape Yacht Club 2162 wears the tag “reported for suspicious activity” on OpenSea. Its current owner, chefpierre.eth, cannot sell it on the marketplace – potential buyers cannot bid on the NFT.
This measure was taken by the platform following a injunction of the High Court of Singapore to block the sale of this NFT BAYC. This injunction was obtained by Rajesh Rajkumarthe previous owner of the NFT.
Conflicting loan agreement behind NFT blockage
Rajesh Rajkumar had concluded, on March 19, 2022, an agreement of ready with chefpierre.eth. The NFT then served as collateral. The operation took place on the NFT NFTfi lending platform.
However, Rajesh Rajkumar was not unable to repay the loan on time. Reimbursement was then to take place one month after the loan was granted. Unfortunately, both parties had agreed to a extension clause for the loan, according to Singaporean law firm Withers KhattarWong.
Rajesh Rajkumar and chefpierre.eth could therefore have postponed the loan repayment date. Nevertheless, chefpierre.eth wouldn’t have not respected this extension agreement. Once the loan has been seized and the necessary procedures have been completed, the NFT in escrow is then sent to its portfolio. .
A spokesperson for OpenSea justified the actions taken by the platform regarding this NFT, telling The Block media that:
“(…) the terms of service explicitly prohibit the use of OpenSea to buy, sell or transfer stolen items, fraudulently obtained items, items taken without authorization and/or any other illegally obtained items or money laundering . »
OpenSea gives himself a good image by cooperating with the Singaporean justice system. She needs it after her image has been tarnished a bit by the Discord server hack. This blocking of NFT Bored Ape Yacht Club 2162 also shows that the cryptosphere is not a jungle where only the law of the strongest would reign.
It is now justice and politics that are in battle order to take advantage of the potential of Bitcoin and cryptocurrencies. And you? Don’t wait any longer for register on the benchmark crypto exchange FTX. A lifetime reduction in your trading fees awaits you thanks to the JDC affiliate link.
