Reading time: ~2 m
For the first time in the history of Asian judicial practice, the plaintiff managed to achieve the freezing of a non-fungible token.
The Supreme Court of Singapore granted Janesh Rajkumar’s request to block NFT Bored Ape Yacht Club (BAYC) #2162 so that the current owner of the coin could not sell it or transfer it to another wallet.
According to Rajkumar, on March 19, he took a loan from a user under the nickname chefpierre secured by NFT and a month later asked to postpone the payment of the loan. Chefpierre refused to meet the borrower halfway and threatened him that he would keep the token for himself if Janesh did not repay the debt within seven hours.
Rajkumar did not have time to send the money on time and made the payment after a while. However, the lender returned the funds to Janesh, refused to give the NFT and put the coin up for sale on the OpenSea market. Following Rajkumar’s appeal, the platform cancelled the lot.
BAYC #2162 at OpenSea
During the consideration of the claim, the judge assigned the NFT the status of a valuable asset and prohibited transactions with it until the end of the proceedings. The Singaporean insists that the defendant misappropriated a rare token that is worth at least 97 ETH ($ 189,926 at the current rate).
#Singapore #court #blocks #NFT #Bored #Ape #Yacht #Club