An injunction issued by the Singapore High Court prevents the sale or transfer of BAYC #2162 NFT.
The Singapore High Court has issued an order prohibiting the sale of a non-fungible token (NFT) belonging to the Bored Ape Yacht Club (BAYC), which one individual believes was unfairly taken away from him. A Singapore citizen has gained a court order that prevents the sale or prospective transfer of a non-fungible token (NFT) belonging to the Bored Ape Yacht Club (BAYC). According to reports, the NFT is presently in the hands of Chefpierre, an online lender. The individual, identified as Janesh Rajkumar by the Strait Times (ST), is attempting to reclaim the BAYC 2162 NFT that he provided as collateral for a loan from Chefpierre. Rajkumar said the NFT was seized from him without his permission. Celebrities love the Bored Ape Yacht Club NFTs, and some have paid a lot of money to get their hands on them. According to the ST article, Madonna is the latest celebrity to purchase a BAYC non-fungible coin, for which she reportedly spent 180 ETH.
Even among BAYC NFTs, Rajkumar added, the collection is unique because it incorporates qualities that allow the owner to create a new series. Because of the NFT’s rarity and high value, Rajkumar was able to use it as collateral when taking out a loan. In front of the Singapore High Court, Rajkumar maintained that his loan agreement with Chiefpierre indicated that he would not transfer ownership of the NFT. If Rajkumar fails to repay on time, the lender must notify him, and the lender must grant a reasonable extension of the repayment period. The agreement also indicated that the lender could not carry out the foreclosure option, according to Rajkumar.
Read more: The Russian Parliament has received a draught law on non-financial transactions (NFTs).