A court ruling in Singapore stops the sale of Bored Ape NFT

A court ruling in Singapore stops the sale of Bored Ape NFT – Mail Bonus

The cryptocurrency industry has been constantly covering the news for the past few weeks for good and good reasons, and it does so again and again. This time the focus is on Singapore, where the Supreme Court of Singapore blocked the sale and transfer of the boredom monkey NFT. Further information is available below:

A Singaporean man has received a court order to prevent the sale and transfer of an unaltered symbol (NFT) he previously held. The order, handed down by the Singapore Supreme Court last Friday (May 13), is also considered to be the first in Asia – and perhaps in the world – to defend the NFT in purely commercial disputes.

According to information obtained in several documents obtained, the Supreme Court’s injunction was imposed to protect and prevent the sale or transfer of the Bored Ape Yacht Club (BAYC) NFT that a Singaporean man is trying to recover from a known and only is referred to. as “chefpierre”.

Why the fuss?

Non Fungible Tokens (or NFT for short) are types of digital assets that reflect physical objects like music, art, video and even products in the game. They are usually bought and traded online using cryptocurrency. They are usually encrypted using the same basic software as many cryptocurrencies. Bored Ape Yacht Club (BAYC) The NFT Museum is an NFT museum consisting of several separate monkeys, each one unique from the other.

Despite their “simple-looking” design, BAYC NFTs are highly sought-after luxury goods, with several celebrities, including Canadian star Justin Bieber, owning one. In fact, Madonna was said to have bought NFT from this portfolio last month for a price that was said to be around 180 Ether, a price which, when converted into fiat currency, stands at around S $ 777,000 (US $ 560,000).

The court case

A search of the Singapore Supreme Court’s website revealed that the complainant’s name in this trade dispute was Janesh Rajkumar. Mr Janesh is trying to recover BAYC no. 2162 NFT, which he offered as collateral to obtain a loan from “chefpierre”. Mr. Janesh is trying to recover BAYC no. 2162 NFT, which he used as collateral for a loan from “chefpierre”. He claims, among other things, that he is the rightful owner of NFT and that “chefpierre” took it illegally from him.

According to him, BAYC no. 2162 NFT is a very unique item, even among BAYC NFTs, due to its features, which include the ability to produce a new NFT of another special order. He also said that he had previously used this NFT as a community borrowing guarantee called “NFTfi” due to its lack and high monetary value.

He said that in any borrowing arrangement, he had always taken special care to indicate that he was not prepared to sell his NFT property and would always repay the loan in full to redeem it.

Mr. Janesh previously had a successful loan arrangement with “chefpierre”; the problem, however, started after he made another loan arrangement that he could not repay on time.

He subsequently requested an extension and both parties also began discussing the possibility of a third loan. Under this new arrangement, “chefpierre” agreed to refinance the previous loan, which has yet to be repaid.

However, “chefpierre” later refused to release the additional amount agreed in the third loan agreement and threatened to take ownership of Bored Ape NFT if the first loan was not repaid in full on April 21, no later than

This new deadline meant that Mr. Janesh had only about seven hours to return the money he borrowed (which he did not), which led to “chefpierre” acquiring BAYC no. 2162. Mr Janesh eventually repaid part of the debt, but “chefpierre” returned. the money and told the Singaporean to pay extra.

According to court documents, “chefpierre” has subsequently advertised BAYC no. 2162 for sale on OpenSea (network NFT marketplace). According to a press release issued on May 18 by Mr Janesh’s legal representative, Withers KhattarWong Law Firm, the ruling of the Singapore Supreme Court is recognized as NFT as an asset.

The injunction also follows a landmark ruling by a British court that recognized the NFT as a “legal asset”.

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