Cryptoknowmics
2022-05-20 06:31:42

Singapore Courts Blocks a Bored Ape NFT from Sale

A court in Singapore has issued a freezing injunction preventing the sale of a Bored Ape non-fungible token (NFT), on behalf of a Singaporean investor against an unknown defendant. Singapore Court Restores Rare Ape NFT to Rightful Owner The Singapore High Court issued an order in the commercial dispute over a Bored Ape NFT while restoring its ownership to Janesh Rajkumar, after it had been used as collateral in a loan and subsequently seized. Rajkumar had used his NFT to borrow Ethereum from Twitter personality “chefpierre” on NFTfi. The ape was to be held in escrow by NFTfi until the loan could be repaid with the stipulation that the loan could be extended. However, rather than extending, chefpierre foreclosed on the loan, shifted the NFT to his personal Ethereum wallet, and listed it for sale in OpenSea. NFTs Getting Recognized as Valuable Property Shaun Leong, a lead counsel for the case opined that this is the first decision in a commercial dispute where NFTs are recognized as valuable property worth protecting. Leong asserted that the ruling is important as it recognizes that Singapore courts can take jurisdiction over assets in the crypto space. The UK also had a recent landmark ruling in January when it recognized NFts as legal property, froze two stolen NFTs, and returned them to the digital wallet of the owner.The post Singapore Courts Blocks a Bored Ape NFT from Sale appeared first on Cryptoknowmics-Crypto News and Media Platform.

Get Crypto Newsletter
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.