Singapore Court Bans Bored Ape NFT sale after dispute

A court in Singapore has declared a pointed injunction refraining from the sale of a Bored Ape nonfungible token, in one of the first cases of its kind that could have broad ramifications for digital assets.

The NFT, from the famed Bored Ape Yacht Club series, shouldn’t be traded pending the resolution of an ownership dispute right after it was foreclosed on as collateral for a loan, a course presented.

The law does recognize both fungible and non-fungible tokens as a form of property to which court injunctions can attach, and the NFT case is a consistent application of that same principle, as per Hagen Rooke, a partner at law firm Reed Smith LLP in Singapore, who wasn’t concerned in the case.

The claimant, a Singapore citizen, also an active dealer in crypto and digital assets, often borrows on NFTfi, a platform that enables people to use NFTs as collateral for crypto lonas. However, the defendant, whose username is chefpierre.eth though the identity location is unknown, often lends on the same platform.

Author: Abhishek Kumar

A self-believer who loves to learn and spread the light of wisdom in his community. You could find him writing about finance, cryptos, and marketing. Moreover, he loves to read non-fiction and drink non-alcoholic drinks.

Leave a Reply

Your email address will not be published.