A Singaporean man has won a court injunction for freezing a BAYC NFT, preventing any potential sale or ownership transfer. The global law firm representing the man, Withers, stated that it is a legal first within a commercial dispute context.
Singaporean Man Puts Freezing Injunction on BAYC NFT
Last Friday, the Singapore High Court issued an injunction preventing the sale of a rare Bored Ape Yacht Club NFT. Furthermore, the Bore Ape in question is particularly rare because of its attributes.
The dispute centers around a loan agreement between a Singaporean NFT investor (claimant) and a pseudonymous personality (defendant). While the Singaporean man’s identity was redacted, a search on the Singapore Court’s website reveals it as Janesh Rajkumar. Meanwhile, the identity of “chefpierre” is stated to be “unknown” in both court documents and on the website.
In brief, Janesh is seeking to repossess the BAYC #2162 NFT. He had used it as collateral for a loan from “chefpierre.” Moreover, he claims that “chefpierre” had taken it from him wrongfully and that he is the rightful owner.
Now, with a freezing injunction, Janesh wants to compel “chefpierre” to accept repayment of the loan and return the NFT. In fact, it is the “only one wearing a beanie and has a jovial expression.” Also, “it was a ‘virgin ape’ which has not been fed with mutant serum.”
Moreover, the injunction follows the UK Court’s ruling, which recognized NFTs as “private property.” Accordingly, the court granted an injunction to freeze two stolen Boss Beauties NFTs.
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