Bored Ape #2162 Is Now Untradeable
Due to an ongoing judicial case in Singapore, OpenSea has stopped trading for Bored Ape Yacht Club #2162 NFT on its platform.
On OpenSea, the world’s largest NFT marketplace, BAYC #2162 has been flagged as “reported for suspicious activity.” This marking makes it impossible for the present owner to sell the NFT. Prospective purchasers are also unable to make offers on the item.
According to a court filing and a statement from Singaporean legal firm Withers KhattarWong, a man named Rajesh Rajkumar was able to get an injunction from the Singapore High Court halting the sale when a loan deal with pseudonymous NFT collector chefpierre.eth deteriorated.
According to the law firm, all parties agreed to an NFT loan on March 19, followed by a refinancing arrangement a month later. This transaction took place on NFTfi, a platform for NFT lending.
Rajkumar utilized BAYC #2162 as collateral for the loan, according to the law firm’s statement, and both parties agreed on an extension clause for the refinanced loan. Although the plaintiff was unable to repay the debt by the due date, he still had the option of extending the repayment period as previously negotiated.
Chefpierre, according to Withers, did not fulfill the extension arrangement and instead foreclosed on the debt. The NFT was transferred from the platform’s escrow to chefpierre’s wallet as a result of this activity.
The BAYC floor price, which is the market value of the collection’s lowest item, is now 96 ETH.
“While we don’t offer details about enforcement actions on individual collections, I can share that our platform policies and 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 launder money,” a spokesperson for OpenSea told The Block.
The floor price of the NFT collection Bored Ape Yacht Club went below $200,000 on Wednesday. BAYC’s floor price has dropped by a third in ETH terms and by more than 50% in dollar terms from the beginning of May, when the cheapest Bored Ape was $420,000.
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