Singapore High Court Restraining Order Bans BAYC #2162 NFT Sale or Transfer

The Singapore High Court has approved a court order to suspend or block the sale of Bored Ape Yacht Club (BAYC) Non-Fungible Tokens (NFTs) that a man allegedly had been improperly stolen from.

Using NFTs as collateral

A Singaporean man has won a court order banning the sale or transfer of the Bored Ape Yacht Club (BAYC) Non-Fungible Tokens (NFTs) he claims to be legitimate. According to reports, the NFT now owns an online lender called Chefpierre.

The man identified by the Strait Times (ST) as Janesh Rajkumar is trying to recover the BAYC 2162 NFT he promised to secure on a loan he received from Chefpierre. Rajkumar claimed that the NFT was unfairly stolen from him.

Boring Monkey Yacht Club NFTs are popular with celebrities and some have paid huge sums of money to get them. more ST report Note Madonna is the latest celebrity to become the owner of a BAYC non-fungible token after paying $180. ETH.

Rare Attributes of BAYC

Describing the ingenuity of NFTs in detail, Rajkumar argued that collections are rare among BAYC NFTs as they have properties that allow holders to create yet another exclusive series. Leveraging the rarity and high value of NFTs, Rajkumar was able to use BAYC as collateral when borrowing.

In a case before the Singapore High Court, Rajkumar argued that his loan agreement with Chiefpierre stated that he would not waive ownership of the NFT. If he did not repay on time, Rajkumar informed the lender, who had to reasonably extend the repayment period.

The contract also stated that the lender could not exercise the foreclosure option, Rajkumar argued.

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Terrence Jimwara

Terence Zimwara is an award-winning Zimbabwean journalist, author and author. He has written extensively on the economic problems of some African countries and how digital currencies can provide Africans with an escape route.

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