OpenSea has disabled the sale of a Bored Ape Yacht Club NFT after the previous owner obtained an injunction in a Singaporean court stopping its sale.
The NFT is caught up in a dispute in which the former owner claims that he was fraudulently swindled in a loan deal where the NFT was collateral.
NFTs have gone mainstream, but in a world first, a Singaporean court has frozen the sale of a Bored Ape Yacht Club NFT which is caught up in the middle of a dispute in which it was used as collateral for a loan deal that went sour.
Singaporean law firm Withers KhattarWong announced that it had successfully obtained a worldwide proprietary injunction on behalf of an NFT owner to freeze its sale and ownership transfer. The action was the first of its kind, and as a bonus, the court’s ruling officially designated NFTs the status of assets in Singapore.
The claimant is an NFT investor who owns a number of BAYC NFTs and used one of them, BAYC No. 2162 as collateral to borrow Ethereum on NFTfi, a
